Wednesday, November 30, 2022
    HomeAltcoinBinance Starts Liquidating FTT Token, CZ Confirms Transaction

    Binance Starts Liquidating FTT Token, CZ Confirms Transaction


    As per his tweet, Binance CEO has confirmed a switch of almost $584 Million price of FTT token to Binance as a part of introduced liquidation course of. As reported by CoinGape, CZ announced right this moment that Binance will liquidate their FTT token holding in subsequent few months.

    Binance confirms Liquidating FTT token

    What’s the CZ Vs SBF Controversy?

    As per stories, Alameda analysis a buying and selling firm owned by Sam Bankman Fried (SBF) was discovered to be holding greater than $3 Billion price of FTX trade unlocked (FTT) token on their stability sheet. FTX trade is the issuer of FTT token and can also be owned by SBF.

    This merely means, that Alameda Analysis has billions of {dollars} in FTT token issued by Sam’s different enterprise FTX token. Alameda Analysis has allegedly used the FTT on their books as collateral to borrow USD stables.

    It’s laborious to pin level actual purpose for Binance motion in opposition to SBF and FTT token. One purpose could also be that Binance considers holding FTT token on their books as legal responsibility. This liquidation of FTT token holding could also be an effort to scale back the publicity and derisk.

    Many crypto lovers are additionally arguing that what’s stopping Binance from promoting their FTT holding on to Sam Bankman-Fried and FTX as an alternative of dumping in open market.

    How Low Can FTT Worth Slide?

    The incident is certainly impacting FTT token worth and it has already slumped by greater than 10% in final 24 hrs. $21-$22 is a powerful help area. A breakdown of $21 help might lead to a really sharp decline in worth printing all time lows for the token worth.

    Binance Liquidates FTT token

    Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency area for two years now. Beforehand he co-founded Govt. of India supported startup InThinks and is at present Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has printed greater than 100 articles on cryptocurrency and blockchain and has assisted various ICO’s of their success. He has co-designed blockchain growth industrial coaching and has hosted many interviews in previous. Comply with him on Twitter at @sharmasunil8114 and attain out to him at sunil (at)

    The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.

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