Binance CEO “CZ” on Monday mentioned Binance by no means shorted FTX Token (FTT). He mentioned the crypto alternate nonetheless has a major quantity of FTT holdings, however stopped promoting it after Sam Bankman-Fried (SBF) known as him a number of days in the past. Just lately, Binance CEO determined to liquidate its FTT token holdings after revelations relating to Alameda Research.
On account of ceasing to liquidate FTT tokens after the worth fell, Binance is dropping almost $500 million. In reality, Binance CEO “CZ” already committed to burn trading fees on Terra Classic (LUNC) spot and margin pairs for the Terra Traditional neighborhood.
Binance CEO “CZ” on FTX Token (FTT) Holdings
Binance CEO Changpeng “CZ” Zhao in a tweet on November 14 disclosed that crypto alternate Binance by no means short-sold FTX Token (FTT). Furthermore, Binance stopped promoting FTT tokens after former CEO Sam Bankman-Fried known as to halt FTT tokens because it was impacting liquidity at FTX and Alameda Analysis.
On November 13, Binance CEO introduced that Binance will now not settle for deposits of FTX’s FTT tokens and urged different exchanges to do the identical.
“Full disclosure: Binance by no means shorted FTT. We nonetheless have a bag of as we stopped promoting FTT after SBF known as me. Very costly name.”
Binance additionally tweeted relating to the suspicious motion of a considerable amount of FTT tokens by the token’s contract deployers. The crypto alternate revealed that 100% of FTT was unlocked on Might 1 as per information by FTT Unlock Schedules. Furthermore, the massive variety of FTT actions was probably resulting from FTX’s inner asset consolidation. The Binance workforce is involved with the FTX workforce to additional make clear the scenario relating to the FTT tokens.
As per the official announcement, Binance will take away and stop buying and selling of a number of FTT buying and selling pairs together with FTT/BNB, FTT/BTC, FTT/ETH, and FTT/USDT. The buying and selling is out there solely until 04:30 UTC on November 15. Nevertheless, customers can nonetheless commerce FTT with BUSD pair. The choice was made after a latest assessment of the listed FTT token.
BNB Token Jumps Amid Restoration
Binance’s BNB token and different cryptocurrencies recovered after CEO “CZ” announced an industry recovery fund to assist initiatives affected by the liquidity disaster.
The crypto costs have crashed and institutional traders are dropping confidence and belief after one of many largest crypto exchanges FTX filed for Chapter 11 bankruptcy.
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