Share this article
FTX Has Made $34M in Trading Fees Since Recent FTT Token Burn Despite Withdrawal Freeze
FTX did not report the recent token burn, which was scheduled on Nov. 7.
Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 12:20 p.m.
Make us preferred on Google
Cryptocurrency exchange FTX has made $34 million in trading fees since the last time it burned its native FTT token on Oct. 31 even though customers have been unable to withdraw funds this week.
Customer withdrawals were frozen following a liquidity crunch that came after customers took out $6 billion in a 72-hour period. Despite this, the exchange has continued to operate.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The company had been in talks with rival exchange Binance over a potential acquisition that now appears to have been scrapped.
Since its inception, FTX has allocated 33% of all trading-fee revenue to burning the FTT token on a weekly basis. FTX failed to report the most recent token burn, which was scheduled for Nov. 7.
The pending burn, scheduled for Monday, stands at $11,397,021 in the form of 3,795,212 FTT tokens, equating to over 1% of the token's total supply.
The largest token burn in FTX's history took place in in May last year when it burned $10.2 million worth of FTT, according to the company's website.
More For You
From Wall Street to Web3: This is crypto’s year of integration, Silicon Valley Bank says
From bank-led stablecoins to tokenized T-bills and AI-powered wallets, digital assets will move from pilot projects to financial plumbing this year.
What to know:
- Silicon Valley Bank's Anthony Vassallo says institutional adoption of crypto is accelerating, pushing bigger venture capital checks, more bank-led custody and lending, and deeper M&A consolidation.
- Stablecoins are emerging as the “internet’s dollar,” fueled by clearer regulation and enterprise demand for payments and settlement.
- Tokenized real-world assets and AI-driven crypto applications are shifting blockchain from speculation to core infrastructure, the bank said.
Top Stories
