Cryptocurrency

FTT tanks 30% after 1.9M tokens moved to FTX, Binance denies selling

FTT Tokens on FTX have lost their value in the last 24 hours after 1.9 million FTT Tokens (valued at about $44 million at the time) moved from the Genesis over-the-counter (OTC) desk to FTX on November 8th. I lost 30%. According to Wu Blockchain.

While speculation pointed to Binance, the exchange’s CEO, Changpeng ‘CZ’ Zhao, has reportedly denied that the exchange sold FTT.

FTT was trading around $22 on Nov. 7. However, the asset experienced extreme volatility during the early trading hours on Nov. 8, pushing its value down to $15.56.

FTT whales in action

Reports from Lookonchain and Peckshield have identified several whale trades that may have impacted the value of FTT.

look on chain said That Whale transferred 272,516 FTT ($6M) to Binance and 45,000 FTT ($1M) to FTX ExchangeAccording to on-chain research, the average purchase price of whales was $41, so the whales would lose $6 million.

Meanwhile, Peckshield reported that over 13 million FTT tokens have been transferred from FTX to new wallets. In one of the transactions he 10M FTT ($166.5 million) at address 0xc…cb6 off the parent exchange, which is now the 4th largest owner of FTT.

BNB, Solana and BIT Caught in Crossfire

Binance’s native token, BNB, also appeared to have experienced a moderate sell-off, dropping about 8% to $315 in the early trading hours.

The token has recovered slightly to $326 at the time of writing, but Lookonchain Identified Three dormant addresses that sold $89.5 million in BNB holdings.

Over the past 24 hours, Solana (SOL) plunged 22%, falling to $25.59. The crypto community speculated that Alameda dumped his SOL to support his FTT at $22.

Hal Press, founder of hedge fund investment in cryptocurrency North Rock Digital, has questioned whether Alameda sold Solana to support the FTT for $22. The press continued that prices below $22 “could result in loans that they (Alameda) can’t repay.”

Meanwhile, another crypto token caught in a whirlwind was ByBit’s BIT token. BIT token plunged about 20% to $0.307 within an hour, and the BitDAO community question Whether Alameda violated by waiving its promise of a three-year cross-selling ban.

However, Alameda CEO Caroline Ellison has quelled rumors that the trading firm has not sold its BIT holdings.

Nansen CEO Alex Svanevik tweeted that the transaction that took the FTX wallet below 100 million BIT was done by Mirana Ventures, the venture capital arm of ByBit.

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