Proof of the BIT Token Holding Has Been Provided to BitDAO by Alameda Research

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The crypto community can calm down for a while as Alameda Research provided proof of the 100M BIT token holding that they promised not to be sold for 3 years.

The 100M $BIT has been transferred to the original BIP-4 swap wallet, according to BitDAO.

Data from Etherscan shows that Alameda carried out five transactions on Tuesday, with the highest one coming from the FTX exchange and costing 92,000,000 BIT, around $36.3 million.

Coinbase then processed two more transactions totaling 499,996 BIT, around $198,621, which were followed by two smaller withdrawals from undisclosed wallets for 6,500,100 and 500,000 BIT, respectively.

Alameda was under scrutiny by BitDAO, claiming Alameda had tampered with their agreement and dumped BIT tokens which caused BIT to plummet about 20%.

BitDAO then issued a proposal asking Alameda to provide the on-chain address of the tokens that they promised not to be sold for 3 years. If there was no response within 24 hours, the community was about to decide what to do with the 3.36M FTT that they hold in the BitDAO treasury.

After Alameda provided the proof, BitDAO announced that for community confidence, they recommend that the swapped BIT and FTT tokens remain in their respective on-chain addresses until the end of the no-sale commitment period. 

At the time of writing, the BIT token is trading at a price of $0.39.

Compiled by Coinbold

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