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 âjust post-exit risk management,â referring to lessons learned from the fall of Terraâs 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 firmâs assets are tied up in FTXâs token.
CZ added Binance would try to sell the tokens in a way that âminimizes market impactâ stating he expects the token sales to take âa few months to complete.â
In his tweet, Bankman-Fried backed Ellisonâs claimed that a bunch of unfounded rumors have been circulating.
Read More