FTX’s Main Wallet Lost 290K ETH In Two Days

On-chain data shows that crypto exchange FTX lost 290,000 Ethereum from its main wallet in the span of two days.

On Nov. 7, blockchain intelligence firm Santiment revealed that the amount of ETH in FTX’s main wallet fell from 322,000 to 32,000 between Saturday and Monday.

“At one point, the wallet was bleeding 500 ETH per minute,” said Santiment, suggesting more unpredictable movements could arise from the “ongoing feud” between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried.

While many market participants view the current scenario as a war between the two crypto exchange giants, Zhao denied orchestrating these events and the notion that there was any kind of battle between Binance and FTX.

“Funny memes, media & some people tried to color this as a ‘fight.’ Sorry to disappoint, but I spend my energy building, not fighting. Today I spent my day on our business & our community. I suggest others do the same,” said Zhao in a tweet.

Zhao’s statements are in contrast to an earlier tweet from Bankman-Fried who claimed, “a competitor is trying to go after us with false rumors.”

Despite the FTX CEO’s assurances that all assets, and the exchange itself, are fine, panicked users have still been actively withdrawing all their assets held on the exchange. The results of this can be seen first-hand through on-chain data that shows FTX’s reserves depleting.

A Monday report from on-chain data provider Crypto Quant found that FTX’s stablecoin reserves have declined by 93% in the last two weeks.