CZ Opens Up About selling $500m FTX token FTT

November 6, 2022

Binance CEO CZ has now opened up about selling $500 FTX token FTT

We won't support people who lobby against other industry players behind their backs, CZ clarified in his recent tweet.

Earlier in the day, the Binance CEO, Changpeng Zhao aka CZ, said his company will liquidate the entirety of its position in FTX Token

In a later tweet, CZ explained the FTT liquidation was “just post-exit risk management,” referring to lessons learned from the fall of Terra’s Luna Classic (LUNC) and how it impacted market players.

Binance decision came after reports claiming the leakage of balance sheet from Sam Bankman-Fried-founded Alameda Research, which alleges the firm’s assets are tied up in FTX’s token.

CZ added Binance would try to sell the tokens in a way that “minimizes market impact” stating he expects the token sales to take “a few months to complete.”

In his tweet, Bankman-Fried backed Ellison’s claimed that a bunch of unfounded rumors have been circulating.

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