Why Binance is Liquidating FTX Tokens?

Recently, the CEO of Binance, Changpeng Zhao, said on Twitter that the business had made the decision to sell all of its FTX (FTT) tokens as a result of “recent disclosures that came to light.”

Later, CZ said the FTT liquidation was “simply post-exit risk management,” citing the lessons learned from Terra Luna Classic’s (LUNC) demise and the effects it had on market participants.

We won’t assist individuals who push against other industry players behind their backs, he continued.

Zhao stated that the transfer of almost 23 million FTT, worth $584 million at the time, from an unidentified wallet to Binance was a part of the exchange’s token unloading.