Withdrawals Rise After CEO Admits Transaction Problem

Customers pulled funds from over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction, the Wall Street Journal reported. Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records. Concerns about Singapore-based spread across the internet over the weekend, with prominent digital-currency figures taking aim at the company. Cryptocurrency traders are on edge following the quick collapse of FTX, which went from one of the most trusted exchanges to bankrupt in the course of a week. Read more. (Subscription required.)