Binance to Sell $529M in FTX Token – Drama Takes a Toll on the Crypto Market
On Sundya, November 6th, Binance CEO Changpeng “CZ” Zhao announced that his company’s intention to sell its remaining FTX Token (FTT) holdings, a stash worth more than $529 million, citing recent revelations that have come to light.
The Binance boss was referring to the reported $3.66 billion in unlocked FTT that making up Alameda’s assets. Alameda’s significant exposure to FTT has raised huge concerns in the crypto space about the financial viability of FTX and Alameda Research.
Despite the CEO of Alameda Research, Caroline Ellison, expressing a willingness by the company to buy those FTT tokens from Binance, the drama took a substantial toll on the market, with many cryptos opening the Asian session in the red.
In the last 24 hours, only four of the top 50 cryptos ranked by market cap are trading in the green. A majority…
