Binance CEO CZ announced that the exchange will liquidate its remaining FTX (FTT) token holdings. Binance already took an exit from FTX equity last year. $584 Million worth of FTT tokens were transferred to the Binance exchange and the token price is already down by 10% in the last 24 hrs.
Binance will liquidate FTT token holding gradually to avoid any market impact. The complete liquidation may take a few months as per available liquidity in the market. Binance’s CEO also clarified that this shall not be taken as an attack on competitors.
FTT tokens worth nearly 584.8 Million USD were transferred from an unknown waller to the Binance exchange. This is a sign that a massive sell-off is already underway.
Controversial information was revealed in the financial documents of FTX exchange and Alameda research. Both these firms have different businesses but the balance sheet of Alameda research shows a significant amount of unlocked FTT tokens worth nearly $3.66 Billion out of a total of $14.6 billion.