While discussing what happened to FTX, Brain Armstrong, CEO of Coinbase, bragged that his firm is not vulnerable to that kind of issue. He, however, suggested possible reasons behind FTX’s fallout.
FTX’s insolvency problem is now a hot topic of discussion among the crypto industry’s top players and community members. Could there be lessons to learn from this? However, FTX is not finding it funny as the firm got caught in a web of the financial crisis and overwhelming loss within a few days.
Although CEO Brian sympathized with all parties affected by the FTX challenge, he blamed the firm as the architect of its problem. In his tweet, Armstrong said he feels sympathy toward customers who may be affected by the current situation.
For many hours on November 8, withdrawals on the FTX platform appeared halted. On-chain data indicates that fund withdrawals are still not going through.
