Wed. Sep 27th, 2023

The CEO of the world’s largest cryptocurrency exchange, Changpeng Zhao, expressed through his Twitter account that Binance will sell all holdings of the FTT token, the cryptocurrency issued by the renowned FTX exchangeafter Coindesk revealed that Sam Bankman-Fried’s company Alameda Research held more than 50% of the FTT tokens.

Coindesk Report Reveals Alameda Balance in FTT Tokens

Said report contains information regarding the balance of Alameda, a sister company founded by the CEO of FTX, Sam Bankman-Fried in FTT tokens. coming to present in June of this year, figures for more than 3.6 billion dollars in FTT tokens and more than 50% of the total tokens issued by FTX, this demonstrates the close relationship between FTX and Alameda despite the fact that they are 2 totally different entities and where there should be no direct link. It is for this reason that Binance has chosen to ditch all holdings in the FTT token, where they had a reasonable number of tokens in their possession, but that amount has not yet been made public. As the topic continues to gain momentum, it is clear that the relationship between Binance and FTX is not very positive, with Changpeng Zhao expressing:

“Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we will not pretend to make love after the divorce. We are not against anyone. But we will not support people who lobby other industry players behind their backs.”

Alameda seeks to reduce the impact of Binance sales

However, Alameda CEO Caroline Ellison stated that the exchange will “will gladly buy” the tokens from Binance for a price of $22 as a method of reducing the impact that the sale of said tokens could cause in the market.

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By Farwa Raza

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