The CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao, said that the site plans to completely sell its holdings of FTT – FTX exchange tokens.
The decision was made in view of recent information that FTX’s sister company Alameda owns $14.6 billion in assets, of which a significant part is associated with the FTT token.
“During the sale of our stake in FTX last year, Binance received about $2.1 billion in BUSD and FTT tokens. Due to recent findings, we have decided to liquidate all FTT in our accounts,” wrote Changpeng Zhao.
On Saturday, 22,999,999 FTT tokens were listed on the Binance exchange. Their value is $584 million, which is 17% of the total number of tokens.
Alameda CEO Caroline Ellison statedthat the company can buy all FTT token stocks from the Binance exchange for $22 in order to “reduce the impact on the market.”
Binance plans to start selling FTT soon, however, it will take several months for the full sale of token stocks due to market conditions and limited liquidity.
Note that against the background of this decision, the FTT token exchange rate fell by 7.6% per day. FTT is currently trading at $22.62 and peaked at $84.18.
Earlier it was reported that the FTX exchange plans to launch its own stable cryptocurrency.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
