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FTX Has Gained $34M In Trading Fees Since Its Last Burn

Author: Delma Wilson

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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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As the investigation around FTX gets even more intense, everyday there is a new revelation about the firm. The latest update suggests that FTX has made $34 million in trading fees from the last time the firm burnt its FTT token on Oct 31. This comes amidst customers facing issues with their withdrawals.

After FTX customers withdrew $6 billion in 72-hours with the news of liquidity crunch, the withdrawals were freezed. However, the firm has continued its operations.

FTX was founded in 2019 by Sam Bankman-Fried and since then the firm has kept aside 33% of all trading-fee revenue so that it can burn FTT tokens every week. Nevertheless, the firm failed to submit the recent burn report which was scheduled for Nov 7.

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