DFX Intelligence
Which companies just had a verified incident, who lends to them and who owns them. Every claim carries its evidence level and its source. How we decide what is confirmed
Global Financial Service Disruptions
FTX
crypto exchange · BS · Global · FTX Trading Ltd.
Liquidity or solvencyStatus: resolvedTier 1Severity 5 of 5Evidence confidence: highAnalyst-verified
FTX stopped processing on-chain withdrawals on 8 November 2022 after about USD 6bn in withdrawals in days. It filed for bankruptcy on 11 November and the collapse cascaded into BlockFi, Genesis and others.
- First disruption
- Nov 8
- First public signal
- Nov 8 (On-chain data showed withdrawals stopped; support staff confirmed in Telegram)
- Acknowledged
- Nov 8
- Restored
- resolved, time unknown
- Duration
- not established
- DFX first recorded
- Nov 5 14:58 UTC
What was restricted
withdrawalsScope: institution wide
Non-fiat withdrawals halted on FTX.com; Chapter 11 filed 11 Nov; FTX.US later paused Ethereum withdrawals; Japan's FSA ordered FTX Japan to suspend operations.
Cause, kept in separate layers
- What the institution said
- Bank-run style withdrawals (about USD 6bn in days); CEO said FTX had 'effectively paused' withdrawals
- DFX classification
- Liquidity or solvency (cyber: unconfirmed)
- Analytical hypothesis (not established)
- Customer funds misused by affiliate Alameda Research, later established in criminal proceedings.
- Wording used
- effectively paused
- Conflicting reports
- Bankman-Fried publicly claimed withdrawals were being processed while staff confirmed a halt.
Dependencies
A dependency is a documented relationship. It is not evidence that the provider was compromised.
- Downstream: BlockFi: Withdrawals paused 11 Nov (documented)
- Downstream: Genesis Global Capital: Redemptions suspended 16 Nov (documented)
- Downstream: FTX Japan: Ordered by FSA to suspend operations (documented)