Changpeng Zhao, the Chinese-Canadian CEO of Binance, the world’s largest cryptocurrency-trading platform by volume, said on Sunday that the company will liquidate its position in the crypto token “due to recent revelations.” Last week, CoinDesk reported that a significant share of FTX sister company Alameda’s US$14.6 billion in assets is comprised of the FTT token, raising concerns about the two firms’ solvency and close ties. (The Logic)
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Changpeng Zhao, the Chinese-Canadian CEO of Binance, the world’s largest cryptocurrency-trading platform by volume, said on Sunday that the company will liquidate its position in the crypto token “due to recent revelations.” Last week, CoinDesk reported that a significant share of FTX sister company Alameda’s US$14.6 billion in assets is comprised of the FTT token, raising concerns about the two firms’ solvency and close ties. (The Logic)
Talking point: Sam Bankman-Fried, the billionaire CEO of Ontario Teachers’ Pension Plan-backed FTX, took to Twitter to declare “FTX is fine” and “a competitor is trying to go after us with false rumours.” Alameda CEO Caroline Ellison tweeted the firm would buy any FTT Binance wanted to sell. Binance received the FTT tokens, reportedly valued at US$530 million, after selling its stake in FTX last year. Zhao’s tweet was followed by an increase in withdrawals by FTX customers and a broad drop in crypto prices.
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