FTT, the native token of one of the largest crypto exchanges, FTX, has come under pressure and dropped more than 10% in the last 24 hours. The reason FTT has been subject to a massive sell-off by investors may be the news that 23 million tokens, equivalent to $580 million, have been премјештена to the Binance exchange. According to rumors circulating in the crypto space, this volume is Binance’s unlocked investment in FTT.
Прогноз погоди на 22,999,999 #ФТТ (584,818,174 УСД) пребачен из непознатог новчаника у #Бинанцеhttps://t.co/Nm2jz9MKW0
- Обавештење о китовима (@вхале_алерт) Новембар 5, 2022
The move of the half-billion dollar FTT bag to Binance, possibly by the exchange itself, is actually a consequence, not a cause. The origin can be traced to a recent investigation into the assets of ФТКС and its affiliated trading firm Аламеда Ресеарцх.
Is Alameda Research insolvent?
Without going into the details of the investigation, it reveals the fragility of Alameda’s balance sheet, according to which the firm’s biggest asset is FTT, with which they borrow money from creditors. Additionally, Changpeng Zhao, the head of Binance himself, liked the investigation on Twitter.
oglasi
NEW: “IS ALAMEDA RESEARCH INSOLVENT?”
According to a recent leak, the firm’s finances rely on the same scheme that destroyed Celsius Network. Will it work out differently for SBF? 🧵👇https://t.co/gs4mQ7ul14
— ДИРТИ БУББЛЕ МЕДИА: СПЕЦИЈАЛ АЛАМЕДА (@МикеБургерсбург) Новембар 4, 2022
Истовремено, према to a well-known crypto journalist Colin Wu, the claim that Binance is going to dump FTT may be incorrect. The journalist suggests that the exchange may have simply moved all of its tokens to one address after some of its investments were unlocked.
Source: https://u.today/binance-dumps-ftx-as-ftt-loses-11-in-24-hours