Here's a personal anecdote which may have served as a warning to their collapse. I bought ~1000 mobile coins when they were a couple dollars, sold most of them at $60 and bought BTC, however it was at precisely that time FTX refused to let me withdraw them.
They claimed it was because my country was introducing new legislation to regulate cryptocurrencies and it was to prepare for the new rules. They however jumped the gun and just blocked my country the moment it was announced, which was a couple months before the new rules were actually set to go into effect.
I tried logging in from other countries with a VPN, but my account was already flagged, and their customer support said I had to show a valid passport or government issued ID from another country to prove I was not in the country where I was, which was obviously not possible. I was never able to withdraw my BTC.
I suspect this was the start and they were already short funds (which may already be a known fact now, I just haven't been following too closely), and they were just looking for excuses to take whatever they could from their users.
They claimed it was because my country was introducing new legislation to regulate cryptocurrencies and it was to prepare for the new rules. They however jumped the gun and just blocked my country the moment it was announced, which was a couple months before the new rules were actually set to go into effect.
I tried logging in from other countries with a VPN, but my account was already flagged, and their customer support said I had to show a valid passport or government issued ID from another country to prove I was not in the country where I was, which was obviously not possible. I was never able to withdraw my BTC.
I suspect this was the start and they were already short funds (which may already be a known fact now, I just haven't been following too closely), and they were just looking for excuses to take whatever they could from their users.