At least two crypto exchanges, Binance and Huobi, have blocked the deposits of FTT after 192 million tokens were released into circulation, contrary to the schedule.
FTT tokens are usually released in batches periodically by the token contract deployer. But on Sunday, the rest of the tokens were all released at once.
Though the value of FTT has dropped significantly, the new tokens released were still worth over $400 million and further affected the coin’s value. It is now down by 9% in the last 24 hours.
Binance Stops FTT Deposits
Binance Chief Changpeng Zhao tweeted that the exchange was stopping all FTT deposits to prevent the new supplies from affecting the monitor. Zhao urged other exchanges to suspend the token.
