Prior to now day, FTT, the native token of FTX, one of many largest cryptocurrency exchanges, has been beneath strain and fallen greater than 10%.
The announcement that 23 million tokens, or $580 million, had been transferred to the Binance market could also be the reason for the numerous sell-off of FTT by traders. Rumors within the cryptocurrency group recommend that this quantity represents Binance’s unlocking funding in FTT.
The switch of the $500 million FTT bag to Binance—probably by the trade itself—is extra of a outcome than a trigger. It began with a current inquiry into the monetary holdings of FTX and its related buying and selling firm Alameda Analysis.
Alameda Analysis bancrupt? – FTT
With out stepping into the specifics of the examine, it demonstrates the weak point of Alameda’s steadiness sheet, which states that native token of FTX is the corporate’s largest asset and is used to borrow cash from collectors. The CEO of Binance, Changpeng Zhao, additionally tweeted his assist for the probe.
Colin Wu, a well known crypto journalist, additionally asserts that the assertion that Binance will dump FTT might not be true. The journalist speculates that after a part of the trade’s investments have been unlocked, it might have merely shifted all of its tokens to a single handle.
DISCLAIMER: The Data on this web site is offered as normal market commentary and doesn’t represent funding recommendation. We encourage you to do your individual analysis earlier than investing.
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