11-07-2022, 08:56 AM
[SERIOUS] Celsius was saying "withdrawals are fine" and "users funds are safe" for d
<!-- SC_OFF --><div class="md"><p>To those who are still having doubts if they should remove funds from FTX. Please remember Alex Mashinsky was for days telling users all funds were safe and that they had never denied a withdrawal. Then for days after this sub was filled with users reporting from FTX support that - "support says all user funds are safe". </p> <p>At this point, nobody knows definitively if FTT is safe and if FTX has sufficient funds to cover user withdrawals. The risk they don't should be reason enough to move your funds. If withdrawals get suspended indefinitely you don't want to be left with crypto in FTX. Just like banks, lots of exchanges are suspected to keep fractional reserves and might not have sufficient funds in the event all users withdrawal at the same time. </p> <p>Here's the thing a full on bank run - might be what causes an otherwise healthy FTX to collapse. The crypto community runs a huge risk of creating a self-fulfilling prophecy, but if that happens you don't want to be the one with your crypto left behind. </p> <p>If/when the storm clears and FTX is still standing - this is a sign of how resilient the company was. Just don't be like the people who lost money in Celsius/Voyager because of inaction and blind trust in the institution.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/GabeSter"> /u/GabeSter </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yocfrn/serious_celsius_was_saying_withdrawals_are_fine/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yocfrn/serious_celsius_was_saying_withdrawals_are_fine/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>To those who are still having doubts if they should remove funds from FTX. Please remember Alex Mashinsky was for days telling users all funds were safe and that they had never denied a withdrawal. Then for days after this sub was filled with users reporting from FTX support that - "support says all user funds are safe". </p> <p>At this point, nobody knows definitively if FTT is safe and if FTX has sufficient funds to cover user withdrawals. The risk they don't should be reason enough to move your funds. If withdrawals get suspended indefinitely you don't want to be left with crypto in FTX. Just like banks, lots of exchanges are suspected to keep fractional reserves and might not have sufficient funds in the event all users withdrawal at the same time. </p> <p>Here's the thing a full on bank run - might be what causes an otherwise healthy FTX to collapse. The crypto community runs a huge risk of creating a self-fulfilling prophecy, but if that happens you don't want to be the one with your crypto left behind. </p> <p>If/when the storm clears and FTX is still standing - this is a sign of how resilient the company was. Just don't be like the people who lost money in Celsius/Voyager because of inaction and blind trust in the institution.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/GabeSter"> /u/GabeSter </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yocfrn/serious_celsius_was_saying_withdrawals_are_fine/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/yocfrn/serious_celsius_was_saying_withdrawals_are_fine/">[comments]</a></span>