FTX - What 3Commas traders need to know

FTX situation - 3Commas response

How recent events with FTX impact 3Commas traders:

We feel your pain. Let's start with that. This situation with FTX is a stressful event for a lot of 3Commas traders.

We’ve received requests from users asking us if there’s anything we can do to assist them and, unfortunately, the answer is no. 3Commas is an SaaS trading platform that has no technical ability to initiate withdrawals or deposits, and thus no custody or access to customer funds kept on exchanges. 

What we have done is stop any registration of new FTX API keys for 3Commas users. On the FTX main site, they advise users to not deposit funds, and withdrawals may not be processed. Your bots can technically work, but due to the various ongoing issues on FTX with liquidity, etc., they may not function properly. You’ll need to monitor your open positions directly on FTX. 

That’s all we can say about FTX, as we don’t have any special insight into their situation or ability to intervene on behalf of our customers. 

The second thing I want to do is dispel any misconceptions about 3Commas and our ability to continue operations. 3Commas is fully funded and the bots and trading services for our 100,000+ traders are working as normal on every other exchange we’re partnered with. As you may know, the owner of FTX is also the owner of Alameda Research, one of the investors in 3Commas. Alameda Research was one of several investors in our Series B funding round, but they were not the only investor. It was a straight cash for equity deal, and there is no risk of withdrawal by the investors. 

Simply put, 3Commas is an independent company with strong financials and our operations and ability to service our customers are not impacted by the current situation FTX is facing. We will continue monitoring the situation and provide updates when relevant information becomes available to us.

Our goal remains the same as always: to meet the needs of every crypto investor by providing industry-leading services and professional-grade tools. We hope that every FTX user gains access to their funds. 3Commas will keep building the best platform possible to help you achieve financial freedom.

Yuriy Sorokin

CEO, 3Commas