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Flint recalls capital from FTX amid liquidity concerns

Crypto exchange FTX was a custodial partner of Flint. It was a third-party provider of storage and security services for the Flint platform.

Flint recalls capital from FTX amid liquidity concerns

Tuesday November 08, 2022,

2 min Read

DeFi yield staking platform Flint, which has a large user base in India, has said that it will be recalling all the capital it staked on FTX. The protocol communicated this decision to investors via Telegram on Tuesday.

FTX is a Bahamas-headquartered exchange that was a custodial partner of Flint. It was a third-party provider of storage and security services for the platform.

"We want to ensure that you're safe and in order to do that we have moved out all our funds from FTX safely," Flint said in the Telegram message. It further communicated that it would be watching the situation closely and would not be deploying any more capital on the exchange until the situation improves.

According to the company's website, Flint's services are supported in nearly 140 countries with the average depositor putting in nearly $3,100 into the protocol's services.

The cryptocurrency market has been in flux since FTX became the subject of insolvency rumours following Binance's plans to liquidate its entire holdings of FTT, the native token of the exchange. Since then, the token has plummeted in value over concerns about FTX's ties with its hybrid investment fund/market maker Alameda Research.

It has seen several users withdraw stablecoins, with $451 million being sent off its main platform during the last week and $15 million being pulled from its US subsidiary, data from Nansen.ai shows.


Edited by Kanishk Singh