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Crypto Prices Crash on FTX Insolvency Rumors

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The news of FTX’s insolvency sent the price of cryptocurrencies tumbling. Binance CEO and founder Changpeng Zhao stated on Sunday that the biggest cryptocurrency exchange will be selling its investment in a rival platform to FTX’s native asset.

Despite the fact that Binance CEO Changpeng “CZ” Zhao has made no more public comments or responses to concerns concerning “new disclosures that have come to light,” he has decided to liquidate the native token, FTT.

Following the FTT liquidation, Changpeng Zhao tweeted that it was “merely post-exit risk management,” explaining that the company had learnt its lesson from the collapse of Terra Luna Classic (LUNC) and the consequent effects on the market.

He also said, “We will not assist persons who advocate against other industry participants behind their backs,”

On the other hand, a recent declaration of financial position from Sam Bankman-Alameda Fried’s Research may have had a role in Binance’s final decision. According to this report, Alameda has billions of dollars in assets that are tied to the FTX cryptocurrency.

Having Different Opinions on the Matter

For weeks, FTX founder and CEO Sam Bankman-Fried has been criticized for proposing legislation that would place limits on DeFi. In response to these concerns, Changpeng Zhao has provided rebuttals. He now says he’ll rethink his position on the law. In the meanwhile, Binance made an equity exit from FTX in 2018 by purchasing the FTT funds, which it had held since 2019.

According to Zhao, FTX paid Binance $2.1 billion in the stablecoin BUSD, which is exclusively traded on Binance’s market, and FTT. Due to market circumstances and a lack of liquidity, liquidation is expected to take several months, as predicted by Changpeng Zhao. And he promised that the FTT market will be spared as little disruption as possible.

It has been reported that FTT has fallen 9.5% in the past day, from $25.55 to $23.03. This comes after the stock had rallied from a low of roughly $22 on Sunday. It was reported by Etherscan on Saturday that 22,999,999 FTT, valued at $584 million at the time, were sent to Binance’s exchange. One-seventeenth of the total FTT supply at the moment.

The CEO of Alameda Breaks Down Their Current Financial Predicament

In his reply, Changpeng Zhao addressed concerns raised in response to a leaked balance sheet showing that Sam Bankman-trading Fried’s business, Alameda Research, had $5.8 billion in FTT assets as of June 30. (including FTT tokens pledged as collateral).

For the year ending March 31, 2018, Alameda reported $14.6 billion in assets, $8 billion in liabilities—including $7.4 billion in hidden loans—and $14.6 billion in equity. On Saturday, Alameda Research CEO Caroline Ellison reacted to the charges on Twitter, saying that the company’s leaked balance sheet omitted more than $10 billion in assets.

Ellison claims that Alameda has paid off most of its existing obligations and has a variety of hedges in place. If you want to “minimize the market effect.” as Zhao put it, you should buy all of Binance’s outstanding FTT at a price of $22.

What FTX CEO SBF Has to Say About Binance Delisting the FTX Token

Binance’s decision to sell its FTT (FTX) assets has been addressed by FTX CEO Sam Bankman-Fried. Rather than resort to violence, SBF has chosen to engage in diplomatic efforts to resolve his dispute with Binance CEO Changpeng “CZ” Zhou.

In place of responding to the specific allegations, he instead advocated for collaboration amongst big industry players. He did not mention Alameda Research or Binance’s alleged FTT dumping.

The two major cryptocurrency exchanges, FTX and Binance, are gearing up for a full-scale war that will affect the whole cryptocurrency sector. However, the heads of both firms are attempting to downplay the situation.

CZ claims he would progressively liquidate FTT to reduce the market effect. He insists that this action is not intended to hurt FTX.

Similarly, SBF has expressed his gratitude to CZ for his contributions to the crypto community. He argues that market leaders should put their energy towards blockchain innovation rather than armed confrontation.

Compiled by Coinbold

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