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Crypto investors withdraw record amounts from exchanges

Section: Daily Dispatches

By Nikou Asgari
Financial Times, London
Sunday, December 11, 2022

Investors are pulling record levels of bitcoin from crypto exchanges as the collapse of Sam Bankman-Fried's FTX stirs fears over the safety of their assets.

FTX, once the darling of the crypto industry, filed for bankruptcy protection in mid-November after an $8 billion hole emerged in its balance sheet.

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New chief executive John Ray described a lack of basic risk management and Bankman-Fried has admitted to poor internal controls. The rapid descent of FTX has alarmed investors who keep and trade their assets on other centralised crypto exchanges, leading to record levels of withdrawals of bitcoin, the most widely-traded crypto token. 

FTX failed last month with potentially more than 1 million creditors, including many who had left assets on the exchange.

Last month investors pulled 91,363 bitcoin, worth a total of close to $1.5 billion based on the November average price of around $16,400, from centralised exchanges including Binance, Kraken, and Coinbase. That marked the largest bitcoin outflow on record, according to data from CryptoCompare.

It is unclear whether the coins are being sold or moved to private wallets. ...

... For the remainder of the report:

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