Withdrawals at crypto exchange FTX and crypto lending platform Genesis halted. What does this mean for LiteBit?

What happened at FTX?

One of the largest crypto exchanges, FTX, reportedly has insufficient funds to support all customer withdrawals which caused a market crash. We try to give you accurate updates on our News website but be mindful that this is a rapidly evolving story and we may not be able to cover everything in real time. This FAQ may also not reflect the latest status. 

What are the consequences for LiteBit?

As LiteBit, we do not execute our orders at the FTX exchange. Our client funds are held in a highly secured environment and are backed by real assets.

What were to happen if LiteBit goes bankrupt?

This is a highly unlikely scenario because our current financial position does not give any reason to consider this scenario. Furthermore, we keep the coins of customers in our own environment and they can be withdrawn at any moment in time. We are constantly looking for possibilities to secure the customer funds even further.

Does LiteBit have exposure to Genesis, who halted withdrawals on November 16th?

No, LiteBit has zero exposure to Genesis.


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How do I send cryptocurrency from an external wallet to my LiteBit wallet?

Which network should I use to withdraw and deposit my crypto?