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.
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
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Hong Kong's OSL Group to Offer U.S.-Regulated Stablecoin with Anchorage Digital
The USDGO token will be issued under U.S. federal oversight and backed 1:1 by U.S. dollar assets.
What to know:
- Hong Kong-based digital assets platform OSL Group is launching a U.S. dollar stablecoin, issued by Anchorage Digital, a federally chartered crypto bank.
- USDGO is aimed for cross-border payments and on-chain settlements, backed one-to-one by U.S. dollar assets.
- The stablecoin market is projected to grow significantly, with regulatory clarity under the Genius Act boosting adoption in the U.S.
Top Stories
