Coingecko reported that approximately $20.7 billion was withdrawn by CEX during the period when the crypto community had been witness to the fall of the Sam Bankman Fired, FTX empire. CoinGecko published a report on November 18 that stated that between October 23rd and November 15th 2022, users withdrawn funds from a central cryptocurrency exchange (CEX).
According to Coingecko’s report, $20.7 billion was withdrawn by CEX between October 23 and November 15, 2022. This was during the time when the crypto community was witness to the collapse of the Sam Bankman Fired, FTX, empire. The CEX balance of six major cryptocurrencies dropped by a significant amount in less than two weeks. It went from $123.6 billion on November 2 to $102.8 billion on November 13. CoinGecko published a report that showed that approximately $20.7 billion was withdrawn from CEX between October 23 and November 15, 2022. This is what caused FTX’s financial crisis. However, there was a lot evidence that FTX’s rapid decline was due to financial vulnerabilities. This person is none other than former CEO Sam Bankman-Fried.According to Coingecko, from November 2 to 8, the total crypto exchange balance dropped by $5.3 billion to reach a total of $118.2 billion. The CEX balance fell by $5.3 billion between November 2 and 8, to reach $118.2 billion. The CEX balance was $8.3 billion between November 6 and 8. Besides, customers’ money is also being locked during bankruptcy proceedings.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsbankruptcyBlockchainCEXcryptofinancial vulnerabilitiesFTTFTXFTX CollapseSam Bankman-Friedwithdrawals