After a brief period of sporadic unavailability, the financially struggling cryptocurrency exchange FTX has restored service to its website. The trading platform currently displays a message informing customers not to make deposits and confirming that withdrawals have been suspended.
According to the “Is It Down Or Just Me” website, the FTX website experienced five consecutive instances of network outages that lasted more than 2 hours on November 9 and was back online at around 9:00 pm UTC.
A new banner in bright red that can be seen all over the website and reads “FTX is currently unable to process withdrawals. We strongly advise against depositing.”
On November 8, a statement that was pinned to the top of the official FTX Telegram Group also confirmed that withdrawals were ceased, but it gave no time frame for when they would resume.
A message stating that “signups are paused” appears while trying to create a new account on the site.
This implies that deposits are only available to individuals who already have accounts on the trading platform, even though they are “strongly advised against.”
Alameda Research and FTX Ventures, two websites connected to the cryptocurrency exchange, are temporarily unavailable. It happens at a time when the trading platform is still experiencing a liquidity problem.
The Wall Street Journal reported on November 9 that the exchange is in dire need of $8 billion in funds and is unable to satisfy withdrawal requests without it.
Binance originally agreed to sign a non-binding intention letter to acquire the troubled exchange but then retracted, citing the mismanagement of user assets and purported U.S. agency investigations as reasons.
