{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T15:04:05Z","timestamp":1786719845822,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":16,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Using a descriptive case-study methodology applied to publicly available data from the FTX Hot Wallet on Ethereum, we document the on-chain anatomy of the November 2022 FTX collapse. Three findings emerge. First, a sustained net stablecoin outflow began approximately October 18, 2022, with cumulative net outflows reaching $304 million by November 1-two weeks before the CoinDesk article that triggered public attention. Second, customer activity following public disclosure was visible primarily as a sharp rise in transaction count rather than as a proportional acceleration of average net outflow rate: mean hourly transaction count more than doubled (107 to 249, a 2.33-fold increase) between the pre-news and news windows, while average net outflow rate per hour remained essentially unchanged ($0.70M to $0.71M). Third, the operational halt of withdrawals is precisely visible in the on-chain record: hot wallet transaction activity dropped from 540 transactions in the 18:00 UTC hour of November 8 to 38 transactions in the following hour, with twenty hours of zero on-chain activity in the subsequent four days. Contemporaneous public reporting by CoinDesk and Protos described the halt within hours of the onchain transition, while formal corporate confirmation came only with the November 11 bankruptcy filing. These findings suggest that on-chain transparency provided meaningful operational visibility into both the slow-burn run and the precise moment of failure.<\/jats:p>","DOI":"10.2139\/ssrn.6656560","type":"posted-content","created":{"date-parts":[[2026,4,27]],"date-time":"2026-04-27T06:45:58Z","timestamp":1777272358000},"source":"Crossref","is-referenced-by-count":0,"title":["On-Chain Anatomy of the FTX Run: Pre-Disclosure Stablecoin Outflows and the Operational Halt"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","first-page":"21","article-title":"DeFi risks and the decentralisation illusion","author":"S Aramonte","year":"2021","journal-title":"BIS Quarterly Review"},{"issue":"57","key":"ref2","article-title":"DeFi lending: Intermediation without information?","author":"S Aramonte","year":"2022","journal-title":"BIS Bulletin"},{"key":"ref3","article-title":"Crypto trading and Bitcoin prices: Evidence from a new database of retail adoption","author":"R Auer","year":"1049"},{"key":"ref4","article-title":"The financial stability implications of digital assets","volume":"30","author":"P D Azar","year":"2024","journal-title":"Federal Reserve Bank of New York Economic Policy Review"},{"issue":"6","key":"ref5","doi-asserted-by":"crossref","first-page":"2201","DOI":"10.1093\/rfs\/hhn098","article-title":"Market liquidity and funding liquidity","volume":"22","author":"M K Brunnermeier","year":"2009","journal-title":"Review of Financial Studies"},{"key":"ref6","author":"Coindesk","year":"2022","journal-title":"FTX exchange halts all crypto withdrawals"},{"key":"ref7","author":"Cointelegraph","year":"2022","journal-title":"Breaking: FTX appears to have resumed withdrawals, blockchain data shows. 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