FTT, the token of Sam Bankman-Fried’s crypto exchange FTX, has plummeted 31% overnight as concerns around the billionaire’s trading firm, Alameda Research, gripped the market.
Alameda, to prove that it continues to hold 100 million BIT tokens swapped with the collective last year for 3.4 million FTT . The deal required Alameda to retain the tokens for at least three years. “If this request is not fulfilled, and if sufficient alternative proof or response is not provided, it will be up to the BitDAO community to decide how to deal with the $FTT in the BitDAO Treasury," states the post published on BitDAO’s website.
worth of FTT in coming months “due to recent revelations that have come to light.” Although CZ, as he is widely known, did not specify what revelations he meant, they appear to be related to a withdrawal request backlog at FTX and allegations of the weakness of FTX’s balance sheet. Alameda’s CEO Caroline Ellison responded to Zhao on Twitter
with an offer to buy Binance’s FTT holdings for $22 per token. Zhao signaled disinterest, saying: “I think we will stay in the free market.”
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