FTX’s stablecoin reserves fetch declined by 93% over the previous two weeks whereas hourly withdrawals for ETH hit an all-time excessive on Sunday, files from analytics firm CryptoQuant reveals.

CryptoQuant CEO Ki Young Ju stated that whereas FTX may also just store funds in other chilly wallets, balances are step by step lowering within the public wallets that it tracks on-chain.

The solutions did small to come by to the bottom of rising fears that FTX dangers insolvency.

Remaining week, CoinDesk leaked a stability sheet that confirmed how FTX and its sister-company, Alameda Evaluate, held extra illiquid FTX tokens (FTT) than circulated in public offer.

On Sunday, Binance’s CEO stated it can maybe sell the entirety of its FTT holdings, worth some $500 million, over the arriving months.

Some retail traders reported delays to their withdrawals from FTX, extra fueling the paranoia

“As great as I are looking to evaluate that Alameda / FTX will most most likely be completely gorgeous. I’d aspect with warning. I purchased burnt slightly execrable along with your total terra / anchor fiasco and nobody belief platforms bask in Celsius, Voyager would fold that badly,” wrote one Twitter user on Sunday.

FTX CEO Sam Bankman Fried (SBF) called the insolvency rumors “faux”, pointing to its audited monetary files and adherence to strict regulations.

“We’ve already processed billions of dollars of deposits/withdrawals this day; we’ll attach going. (Taking over anti-reveal mail assessments to course of extra–sorry if to fetch those. We’re hitting node price ability, will attach going.) Also tons of USD <> stablecoin conversions happening,” he stated on Twitter.