Binance Is Selling All FTX (FTT) Tokens

Shares

Utoday: Binance CEO Changpeng Zhao has confirmed rumors about the company’s decision to liquidate its FTT holdings amid speculation about Alameda’s financial health.

Binance CEO Changpeng Zhao recently took to Twitter to announce that the company had decided to sell all of its FTX (FTT) tokens due to “recent revelations that came to light.” 

The announcement confirms the rumors that started circulating earlier today.  Zhao says that the sale will take a few months due to limited liquidity, claiming that Binance will attempt to minimize the market impact. 

The Binance boss has stressed that it is not a move against its main competitor. The exchange received $2.1 billion worth of Binance USD (BUSD) and FTT after selling its stake in rival FTX last year.

The announcement comes a few days after rumors about Alameda Research’s financial troubles. The trading firm, which has very close ties to FTX, has immense exposure to the FTT token, according to a recent report by a cryptocurrency media outlet.

Alameda Research CEO Caroline Ellison claims that FTX has an additional $10 billion of assets that are not listed.

Moreover, she claims Alameda Research has paid off its loans since July.

In a follow-up tweet, Ellison claims that Alameda will “happily buy” Binance’s FTT tokens at $22 if the exchange wants to minimize the market impact.

The FTT price collapsed more than 11% following Zhao’s announcement, but it then managed to pare its losses in less than an hour.

As reported by U.Today, Sam Trabucco stepped down as co-CEO of Alameda in late August, with Ellison becoming the firm’s sole CEO.


Read more on U.Today https://u.today/binance-is-selling-all-ftx-ftt-tokens-heres-why

Shares

Related Articles

Utoday: BTC and ETH Now Accepted by Canadian Search and Rescue Organization

For more cryptocurrencies news, check out the uToday portal. The British Columbia Search and Rescue Association (BCSARA), a non-profit volunteer-based organization that provides support for the un-paid professional ground search and rescue community, has announced that it now accepts donations in Bitcoin and Ethereum, the two largest cryptocurrencies. Crypto contributions will be accepted via CanadaHelps, the largest […]

Ethereum's Arbitrum to Be Used by Norwegian Government

Contents Ethereum-based technologies for unlisted companies' shares: Case of Norway Arbitrum's adoption gained traction in Q2, 2022 For the first time, a major country has begun using Ethereum and its products to create a completely new type of financial market for inclusive and democratic trading. Ethereum-based technologies for unlisted companies' shares: Case of Norway Jon Ramvi, Web3 developer and founder […]

Troubled Hedge Fund 3AC Files for Bankruptcy Protection

Utoday: Embattled cryptocurrency hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy protection on Friday, the Financial Times reports.   Chapter 15 is a tool that allows foreign debtors to handle bankruptcy proceedings in the U.S. It will make it possible for the hedge fund to shield its stateside assets during the process of liquidation. […]
PHISHING WARNING: Please make sure you’re visiting https://www.fatpigsignals.com. There has been an increasing amount of scammers and Impersonators. Please verify the handles carefully as well. Admins will never contact you selling investment products or a fund.
Official Admin Contacts: https://t.me/dad10 and https://t.me/gangplank123
+