On Sunday, November 6, Binance chief Changpeng Zhao introduced that the trade can be dumping all FTX tokens (FTT). Binance took an exit from FTX fairness final yr because of which it obtained $2.1 billion in money.
Quickly after CZ made the announcement, the FTX token worth got here beneath extreme stress. As of press time, FTT is buying and selling 6% down at a worth of $22. The native cryptocurrency of the FTX trade has misplaced 20% during the last week. In a pointy message on Twitter, CZ said:
“Liquidating our FTT is simply post-exit danger administration, studying from LUNA. We gave assist earlier than, however we received’t fake to make love after divorce. We’re not towards anybody. However we received’t assist individuals who foyer towards different trade gamers behind their backs. Onwards”.
Following the withdrawals from Binance, different gamers have additionally joined in. As per data from PeckShiled,
Leap Buying and selling has withdrawn about 40.4 million USDC from FTX prior to now 24 hours. About $109.8 million price of cryptocurrency has been transferred from FTX to crypto lending platform Nexo, together with 56,432 ETH and about $13.9 million in stablecoins.
FTX Chief Addresses the Rumors
There have been controversial studies floating with FTX trade and its sister concern Alameda Analysis. The controversy notes: “Each these companies have completely different companies however the steadiness sheet of Alameda analysis exhibits important quantity of unlocked FTT token price almost $3.66 Billion out of complete $14.6 billion”.
The controversy is surrounding the illiquid tokens which Alameda Analysis has been displaying on its steadiness sheet. Therefore these main liquidations available in the market. Word that each these companies are owned by Sam Bankman-Fried.
In his newest Twitter thread, SBF has come clear addressing the rumors available in the market. He stated that FTX and its group of corporations are extremely regulated and that they hold all audited financials. Nevertheless, he stated that FTX customers needn’t panic as all of the withdrawals are working effective.
We’ve already processed billions of {dollars} of deposits/withdrawals at present; we’ll hold going. (Taking over anti-spam checks to course of extra–sorry if you happen to received these. We’re hitting node fee capability, will hold going.) Additionally tons of USD <> stablecoin conversions happening.
He additionally thanked all their supporters who continued to stick with the trade.
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