The cryptocurrency market is trading in the red today, with the global market dropping by more than 4% in the last 24 hours. Amid this bearish sentiment, FTT, the native token of the FTX exchange, has made a massive plunge, dropping by more than 24% in the last 24 hours.
Traders are dumping FTX
FTT is among the worst losers in the last 24 hours. At the time of writing, this token was trading at $16.90. During the past day, FTT has traded between $15 and $23, showing a high spike in volatility.
FTT’s market cap is also dropping, and it currently ranks as the 32nd largest cryptocurrency with a market cap of $2.27 billion. The token’s trading volumes in the last 24 hours stand at $1.62 billion.
FTT has been tanking amid Binance CEO, Changpeng Zhao, saying that the exchange would be liquidating its entire FTT holdings because of “recent revelations.” The announcement by CZ comes after reports on Alameda’s weak financial position, as the firm holds a large number of FTT tokens.
CZ said that Binance would take several months to liquidate its FTT position because it did not want to harm the market. The CEO of Alameda, Caroline Ellison, had offered to buy all of Binance’s FTT holdings at $22 each, but CZ has turned down the offer saying, “I think we will stay in the free market.”
The woes of FTX are deepening, with the BitDAO community saying that it will vote on the way forward about its FTT holdings if Alameda does not provide evidence showing that it still holds 100 million BIT in its portfolio. The demand was made after BIT started tanking amid speculations that Alameda is liquidating token holdings to defend FTT.
Alameda’s CEO has responded, saying that Alameda is not selling FTT and will provide proof of its holdings after the market settles.
busy at the moment but that wasn't us, will get you proof of funds when things calm down
— Caroline (@carolinecapital) November 8, 2022
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