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Binance announces that it is liquidating all of its FTX Token (FTT)



Changpeng Zhao Binance

Changpeng Zhao, CEO and founder of Binance – ©.

The head of Binance said that its cryptocurrency exchange was divesting all of its FTTthe native token of FTXfollowing the recent revelations. On his side, SBF called the report in question ” unfounded rumors “.

This weekend on Twitter, Changpeng Zhaothe general manager of BinanceBinance set the world ablaze when it tweeted that its platform would sell all of its FTT tokens tokens received as a result of its exit as a shareholder from FTXspecifying that it was 2.1 billion in BUSD and FTTwithout giving further details on the exact number of tokens.

Due to recent disclosures, we have decided to liquidate all the FTTs we have on our books […] We will try to do this in a way that minimizes the impact on the market. Due to market conditions and limited liquidity, we expect this to take a few months, tweeted.

CZwhich did not specifically indicate the reasons for the sale, seems nevertheless to refer to a report of Coindesk published last week, indicating that a important part of the balance sheet d’Research in Alamedaa company linked to FTX and founded by Sam Bankman Fried, was composed of. FTT Tokens.

“The liquidation of our FTT Is just post-exit risk management, learning from LUNA. We used to support each other, but we don’t intend to have sex after divorce. We are not against anyone. But we will not support people who lobby against other industry players behind their backs. “, has been done by leaps and bounds CZ.

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According to a source close to the case quoted by Bloomberg, Binance has approximately 23 million FTX tokensequivalent to nearly $500 million at the current price.

For its part, Sam Bankman Friedthe founder of FTX and Alameda, said that a ” heap of unfounded rumors “has been circulating.

We have already processed billions of dollars in deposits/withdrawals today; we will continue,” he said overnight on Twitter.

This weekend, Alameda’s director. Caroline Ellison stated that the company had ” more than $10 billion in assets that are not reflected in the reported balance sheet. “.

“The balance sheet details some of our larger long positions; obviously we have unlisted hedges – given the tightening of the cryptocurrency credit space this year, we’ve already paid off most of our borrowings,” he said.

Responding to CZ, Ellison added that if it wished to “minimize the impact on the market” with its FTT sales, Alameda “would be happy” to buy it back for $22..

Since CZ’s statement, the FTT Token Price lost about 10% of its value to $22, according to data provided by Coinmarketcap.

Course ftt

7-day FTT rate – source: Coinmarketcap

Binance y FTX are among the most important trading platforms in the cryptocurrency ecosystem. The CZ exchange, which currently dominates the market, had invested in FTX in its early days and eventually decided to sell its shares last year. “I think there are some differences in the way we run our business,” SBF said at the time.

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