Binance founder Changpeng ‘CZ’ Zhao said on Sunday that the exchange is liquidating its position in the FTT token of its rival exchange, FTX.
Changpeng Zhao said Binance was making the decision based on recent revelations. Reports had revealed that FTX’s sister company Alameda had assets worth $14.6 billion.
The trading firm’s biggest asset was revealed to be $3.66 billion in locked FTT, while $2.16 billion worth of FTT collateral is the third largest asset. This means over $5 billion of the company’s assets is FTT, raising concerns about the firm’s solvency.
Binance to Offload $2.1 Billion FTT
Changpeng Zhao…
