Despite a fall in digital asset prices after the collapse of FTX, the exchange is still operating normally, according to the CEO.
There had been no news about significant withdrawals from a number of cold cryptocurrencies, according to the firm.
There has been a small increase in withdrawals, but they are in line with activity during times of decline in the market.
There is an increase in withdrawals when prices fall. That is not unusual.
After months of bouncing around the $20,000 level, news of a liquidity crisis at FTX roiled the market last week. The price of the virtual currency was barely moving from the previous day.
It has not been seen that 80% of funds have been withdrawn from our cold wallet or 50% of funds have flowed from our platform. It's business as usual for us.
As investors fled over concerns about its financial health, FTX entered Chapter 11. After a short period of due diligence, the company was bought by another company.
FTX's troubles started after a report detailed ties between the exchange and its sister company.
There was a selloff in FTT and billions of dollars in withdrawals from FTX after Zhao said he would sell the exchange's native token.
While some people have blamed him for "whistleblowing" or poking the bubble, he wasn't aware he would cause such damage.
There will be some cascading effects of the collapse of FTX. He said that the scale of failures of companies will decrease over time.
The first one to go down is usually the big one. The cascading effects decrease in size.
Businesses that owe money to others and have their reserves tied up in token are some of the causes of the crisis.
Terra's two main token became worthless after their technical model was questioned. Three Arrows Capital, Celsius, and Voyager Digital all filed for bankruptcy protection because of that.
Kris Marszalek, the CEO of Crypto.com, said his firm had a strong balance sheet and wasn't having any trouble handling a jump in withdrawals.
He said that the company never took any third-party risks.
FTX's sister company, Alameda Research, borrowed billions of customer funds from the exchange to make sure it had enough funds to process withdrawals, according to CNBC.
Bankman-Fried did not comment on the allegations of misappropriating customer funds but did say that it was the result of issues with a trading position.
Bankman-Fried's Alameda is not a quant shop according to Zhao.
He said that they didn't have any debt. We run a small business.
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