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Just In: CZ Clears Misconceptions Behind FTX Binance sale of the FTX token (FTT)

Manoj Nair



FTX Episode

Binance FTX token (FTT) sale has led to an uproar, and even Binance CZ was surprised by the amount of discussion in media circles. Binance CEO CZ has tried to remove the misconception associated with the FTX token sale.

Since the Binance CEO announced the FTX token (FTT) sale, worth $584 million, the crypto Twitter has been flooded with discussion and comments. The values of the FTT tokens have tanked ever since the news was announced. When reports last came in, the token changed hands at $16.19, down by 27.28%. It registered a 24 hrs. high of $23.15 and a low of $16.16. It had a market cap of $2,157,363,349 and a circulating volume of $1,074,102,774.

CZ Clears Air About The FTX Token

The CZ cleared much air about the FTX token (FTT) sale and is a part of the exchange’s drive to liquidate the FTT token holdings in the next few months. The CZ said that the discussion was unwarranted, and only after a hue and cry about the massive amount of tokens that had been liquidated did the exchange decide to make the sale more transparent. He stressed the need for transparency in the crypto industry.

“There were questions about a large ($580 million) FTT deposit to Binance, and we were transparent about the fact that we are closing our FTT position. The fact that it sparked such levels of “discussions” was surprising.”

The Binance CEO also indicted whale alerts for the unwanted hue and cry on the deal. A recent Whale Alert tweet highlighted the many FTT transfer activity from an unknown wallet to Binance. CZ also acknowledged the FTT Whale Alert saying it belonged to Binance.

Earlier, FTX CEO Sam Bankman-Fried blamed the FTX situation on ‘competitors for creating false rumors and reaffirmed that FTX has enough funds to take care of client holdings. He also quashed rumors that the company was on the brink of insolvency.

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