By George Ward
While the crypto market has experienced unstable growth over the past few years, investors have become extensively cautious concerning digital assets, transacting with exchange platforms and entrusting their funds into most exchanges.
FTX, which offers derivative products and spot commercialism, is among the world’s largest digital currency exchanges. Once associated with obscure names, the firm has become a key player within the emerging market, rivaling the likes of Coinbase and Binance.
The crypto exchange recently met its Waterloo when it encountered a series of liquidation challenges leading to a massive withdrawal of funds from its platform. The occurrence was seen to create an uproar amongst users of the platform.
In the heat of the FTX crisis, users of the exchange platform improvise diverse alternative routes to disregard the official process of withdrawing their funds from the debacle exchange platform.
Following a recent announcement, the platform revealed that withdrawal activities would resume for its users who are residents of the Bahamas. As stated by the platform, the intent is to enable FTX’s Bahamian headquarters to comply with crypto regulations in the country.
As stated in a recent press release, FTX exchange adheres to the Bahamian headquarters regulation reinstated by regulators. Hence, withdrawal activities are being facilitated for Bahamian funds.
Meanwhile, FTX users have started exploring various measures to withdraw their funds. For example, some users use their funds to purchase non-fungible tokens (NFTs). In contrast, others offer bounties to FTX employees to hasten their KYC applications and change their bank account details to indicate they are Bahamas-resident persons.
Concerns About FTX’s Liquidity Issues
Meanwhile, a popular podcast, A podcast by Cobie, predicts that many FTX users would prefer to purchase NFTs because they can make withdrawals through sales.
Based on recent tweets by community members, several users are already exploring this route. The podcast further revealed that millions of dollars’ worth of Tether USDT had been successfully withdrawn from the platform.
A recent tweet revealed that one user offered a whopping $1 million to FTX employees to change their country of residence to the Bahamas. However, other users with stuck funds on seeing the tweet resorted to experimenting with other new ways to free up their funds.
The bounty offerings appear to be a successful route to withdrawing stuck-up funds from the platform. For example, a blockchain record showed that Trader Algod withdrew his funds after offering $100,000 to the platform’s employees.
Many users have successfully withdrawn their funds from the exchange using these options. However, some opine that either option is a terrible idea. For example, a popular crypto community member, Fatman, condemned the idea of bribing FTX officials and boycotting the official withdrawal procedures of the exchange platform.