FTX’s stablecoin reserves have declined by 93% over the past two weeks while hourly withdrawals for ETH hit an all-time high on Sunday, data from analytics firm CryptoQuant shows. 

CryptoQuant CEO Ki Young Ju said that while FTX may store funds in other cold wallets, balances are gradually decreasing in the public wallets that it tracks on-chain.

The news did little to resolve growing fears that FTX risks insolvency. 

Last week, CoinDesk leaked a balance sheet that showed how FTX and its sister-company, Alameda Research, held more illiquid FTX tokens (FTT) than circulated in public supply. 

On Sunday, Binance’s CEO said it would sell the entirety of its FTT holdings, worth some $500 million, over the coming months.

Some retail investors reported delays to their withdrawals from FTX, further fueling the paranoia

“As much as I want to believe that Alameda / FTX will be perfectly fine. I’d side with caution. I got burnt pretty bad with the whole terra / anchor fiasco and no one thought platforms like Celsius, Voyager would fold that badly,” wrote one Twitter user on Sunday.

FTX CEO Sam Bankman Fried (SBF) called the insolvency rumors “unfounded”, pointing to its audited financial records and adherence to strict regulations.

“We’ve already processed billions of dollars of deposits/withdrawals today; we’ll keep going. (Taking up anti-spam checks to process more–sorry if you got those. We’re hitting node rate capacity, will keep going.) Also tons of USD <> stablecoin conversions going on,” he said on Twitter.