FTX, one of many high crypto exchanges across the globe, discovered itself in scorching waters as a number of scandals are heating up.
On Sunday, FTX’s native token FTT went down by 10% in a matter of hours. The FTX group suspected the decline came about due to Binance dumping FTT tokens. Later, a report surfaced that confirmed FTX CEO Sam Bankman-Fried’s hedge fund Alameda Analysis’s involvement within the downturn.
Reacting to the scenario, Binance CEO Changpeng Zhao or in any other case referred to as CZ publicly introduced that the alternate will promote all of the remaining FTT tokens it holds. CZ, nevertheless famous, that their actions aren’t directed in direction of the competitor and the sale can be accomplished in a approach that reduces market affect. Alameda’s CEO Caroline Ellison reacted to the report as he deemed the info revealed incomplete.
As if the FTX’s battle with Binance was not sufficient, one other celebration BitDao got here up with one other allegation. Through the previous few hours the BIT token took a steep downward flip. BitDao responded that they think Alameda of dumping 100 million BIT tokens.
Bitdao group is questioning the sudden dump of $bit token brought on by Alameda dumping and breaching the three yr mutual no sale public dedication. Nothing is confirmed however bitdao group want to affirm a proof of fund from Alameda. https://t.co/YassKhcdPt
— Ben Zhou (@benbybit) November 8, 2022
Truly, again in November 2021, BitDao had swapped 100 million BIT tokens with 3,362,315 tokens. Tye settlement was made that the events concerned wouldn’t promote any a part of their holdings earlier than November 2, 2024.
The BitDao group has now requested for proof of funds from Alameda, whereas the agency published their proof of funds hours in the past. In response Alameda’s CEO said that he’ll present the proof later as issues quiet down. In the intervening time BitDao group threatened:
“The popular methodology is for Alameda to switch the 100 million $BIT tokens to an on-chain (non-exchange) handle for the BitDAO group to confirm, and maintain till the top of the settlement”.
