Binance is emptying its pockets of FTX cryptocurrency…Here’s the reason!
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Answer Binance is emptying its pockets of FTX cryptocurrency…Here’s the reason!
chirp Changpeng Zhao, CEO of Binance, recently stated that Binance has decided to sell all FTT cryptocurrencies affiliated with FTX due to Recent discoveries that have come to light.
CZ did not explain what these discoveries were, preferring only to hint about them.
The announcement confirms the rumors that spread earlier.
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He told CZ that the sale will take a few months due to limited liquidity, claiming that Binance will try to reduce the market impact of offloading its FTT cryptocurrency.
The Binance chief stressed that the sale was not a move against its main competitor.
Binance received $2.1 billion in BUSD and FTT cryptocurrency after selling its stake in rival FTX last year.
Binance’s announcement of the sale comes a few days after rumors spread about Alameda Research’s financial troubles.
The trading company Binance has very close ties to FTX, and huge exposure to the FTT cryptocurrency.
Carolyn Ellison, CEO of Alameda Research, told FTX that FTX has an additional $10 billion in unlisted assets.
She also added that Alameda Research has paid off its loans since last July.
In a follow-up tweet, Ellison told Alameda that Alameda would happily buy Binance’s FTT cryptocurrency at $22 if Binance wanted to reduce the market’s impact.
The price of FTT collapsed by more than 11% after the manager of Binance announced the sale, but the cryptocurrency FTT then managed to pare losses in less than an hour.
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For the record, Sam Trubaco previously stepped down as Alameda’s co-CEO in late August, and Ellison became the company’s sole CEO.
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