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 12 months because of which it acquired $2.1 billion in money.
Quickly after CZ made the announcement, the FTX token value got here below extreme stress. 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 received’t fake to make love after divorce. We aren’t in opposition to anybody. However we received’t assist individuals who foyer in opposition to different trade gamers behind their backs. Onwards”.
Following the withdrawals from Binance, different gamers have additionally joined in. As per data from PeckShiled,
Bounce Buying and selling has withdrawn about 40.4 million USDC from FTX up to now 24 hours. About $109.8 million value 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 steadiness sheet of Alameda analysis exhibits vital quantity of unlocked FTT token value practically $3.66 Billion out of whole $14.6 billion”.
The controversy is surrounding the illiquid tokens which Alameda Analysis has been exhibiting 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 mentioned that FTX and its group of firms are extremely regulated and that they hold all audited financials. Nonetheless, he mentioned that FTX customers needn’t panic as all of the withdrawals are working superb.
We’ve already processed billions of {dollars} of deposits/withdrawals at this time; we’ll hold going. (Taking on anti-spam checks to course of extra–sorry should you obtained these. We’re hitting node price capability, will hold going.) Additionally tons of USD <> stablecoin conversions happening.
He additionally thanked all their supporters who continued to stick with the change.
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