CZ Explains Reality Behind FTX Token FTT Deposit To Binance

Binance FTX Token Updates: Amid much debate around Binance sale of the FTX token (FTT), CEO CZ tried to clear the air of ‘misconceptions’. Stating that he was surprised at the amount of discussion the FTT transfer sparked, CZ said it is not possible to plan such moves. Ever since CZ announced the transfer of $584 million worth of FTT token, the discussion about it was all the place on crypto Twitter. Meanwhile, the price of FTT token plunged after the announcement.

In his announcement, CZ said the transfer of FTT token was made to Binance as part of the liquidation process. The exchange, he said, would be liquidating the FTT token holdings in the next few months, he added. As of writing, the price of FTX Token (FTT) stands at $22.29, down 1.37% in the last 24 hours, according to price tracking platfrom CoinMarketCap.

CZ Surprised With Reaction To FTT Sale

In what could be seen as a response to the debate around CZ “planning to orchestrate the sale,” he responded saying it was surprising. The explanation was seemingly an effort to show the chronology of events after the FTT transfer to Binance. CZ said that it was only after questions were raised about the massive transfer that Binance decided to make it transparent. He stressed on the need for transparency in the crypto industry.

“There were questions about a large ($580 million) FTT deposit to Binance, and we were transparent about the fact that we are closing our FTT position. The fact that it sparked such levels of “discussions” was surprising.”

The Binance founder also brought up the topic of whale alerts. He was hinting at the Whale Alert tweet on the large FTT transfer activity from an unknown wallet to Binance. In fact, he had acknowledged the FTT Whale Alert saying it belonged to Binance.

SBF Blames It On ‘Competititor’

Earlier, FTX CEO Sam Bankman-Fried blamed the FTX situation on ‘competitors’. He said that a competitor was trying to go after FTX with false rumors. “FTX has enough to cover all client holdings,” he explained, trying to clear rumors that the company was at the brink of insolvency.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.