Bankman-Fried stands firm, FTX token slips, and BNB coin rises. Speculations of FTX’s insolvency have swirled around the crypto market after Binance CEO Changpeng Zhao shared a revealing statement.
On Nov. 6, CZ announced via the posts on Twitter that Binance is in the process of getting rid of all of its reserves in FTT tokens, FTX’s native token.
Binance’s Exit From FTX Equity
CZ’s statement pointed out Binance’s withdrawal from FTX capital last year in exchange for $2.1 billion worth of BUSD and FTT. The CEO went on saying that Binance “decided to liquidate any remaining FTT on our books” due to the exposure that was made clear recently.
The “recent revelation” CZ mentioned is potentially linked to rumors of FTX’s liquidity crisis. Alameda Research, the exchange’s backyard, is said to be in trouble with the large number of illiquid tokens including SOL, SRM, FIDA, MAPS, and OXY.
Doubts are put on the background…
