In 2021, FTX sister company Alameda Research reached an agreement with BitDAO (now upgraded to Mantle) to exchange BIT and FTT tokens worth US$180 million. BitDAO used 100 million BIT to exchange 3.36 million FTT with Alameda Research. And both parties promised not to sell it within 3 years.
During this period, Alameda Research also sold BIT privately due to being questioned about breaking its promise. Due to the situation, both parties kept the exchanged BIT and FTT in their respective on-chain addresses.
BIT held by FTX/Alameda: https://etherscan.io/token/0x1a4b46696b2bb4794eb3d4c26f1c55f9170fa4c5?a=0xf02e86d9e0efd57ad034faf52201b79917fe0713…
FTT held by Mantle Treasury: https://etherscan.io/token/0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9?a=0x216a368D08Cfe7e91914b7C1554304Ca369cF036
Interestingly, due to FTX’s bankruptcy, the value of the tokens traded between the two parties became quite disparate. According to statistics from on-chain analyst Ember, 100 million BITs are worth approximately US$57.73 million, but 3.36 million FTTs are worth only US$4.47 million. There are only two months left before the three-year lock-up period expires, and the outside world has begun to speculate whether the two parties are about to sell each other's tokens.
In this regard, Igneus Terrenus, head of public relations at Mantle, clarified that the two parties are currently going through legal procedures, so the BIT held by Alameda Research is currently restricted and cannot be migrated to MNT. Since BIT is currently illiquid, the move amounts to freezing the avenues for Alameda Research liquidators to sell.
Bybit has never had an exchange token. BIT was BitDAO’s governance token. The BIT held by Alameda was restricted from migrating to MNT (https://t.co/e7g4CGabYD). There is an ongoing legal process on this.
— Igneus Terrenus (@IgneusTerrenus) August 28, 2024
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