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

Author: Sohrab Khawas Nov 10, 2022 18:34

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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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