On Sunday, November 6, Binance chief Changpeng Zhao introduced that the change can be dumping all FTX tokens (FTT). Binance took an exit from FTX fairness final yr on account of which it obtained $2.1 billion in money.
Quickly after CZ made the announcement, the FTX token value got here beneath extreme strain. As of press time, FTT is buying and selling 6% down at a value of $22. The native cryptocurrency of the FTX change 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 gained’t faux to make love after divorce. We aren’t towards anybody. However we gained’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,
Soar Buying and selling has withdrawn about 40.4 million USDC from FTX previously 24 hours.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 change and its sister concern Alameda Analysis. The controversy notes: “Each these companies have completely different companies however the stability sheet of Alameda analysis reveals vital quantity of unlocked FTT token price practically $3.66 Billion out of complete $14.6 billion”.
The controversy is surrounding the illiquid tokens which Alameda Analysis has been exhibiting on its stability sheet. Therefore these main liquidations available in the market. Notice 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 firms are extremely regulated and that they maintain all audited financials. Nonetheless, he stated that FTX customers needn’t panic as all of the withdrawals are working high-quality.
We’ve already processed billions of {dollars} of deposits/withdrawals at the moment; we’ll maintain going. (Taking over anti-spam checks to course of extra–sorry should you received these. We’re hitting node fee capability, will maintain going.) Additionally tons of USD <> stablecoin conversions occurring.
He additionally thanked all their supporters who continued to stick with the change.
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