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Tensions between Binance and FTX suddenly “fired up” when 23 million FTT tokens were liquidated, causing the price to dump sharply. Soon after, the reason was revealed, when the Binance CEO shared that he would not support those who campaigned “against other industry players behind their backs”.

As updated in a previous Coincu News article, 23 million tokens, or $580 million, were moved to the Binance market which may have resulted in a significant FTT sell-off by investors. The sale of FTT has been acknowledged by the CEO of Binance and this is only partial, implying that the sale will still continue.

After CZ’s move, FTT dropped more than 11% to $22. However, Caroline Ellison later tweeted that Alameda would be willing to buy all of Binance’s FTT for $22 to “minimize the impact on the market”.

Late on November 6, Binance CEO Changpeng Zhao made a shocking statement that the exchange was the unit that sold FTT in the past. Specifically, when FTX acquired ownership of the exchange from Binance, Binance received $2.1 billion in the form of FTT and BUSD.

As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
— CZ 🔶 Binance (@cz_binance) November 6, 2022

However, Binance decided to sell the entire amount of FTT and said it would be sold gradually so as not to have a strong impact on the market. CZ also confirmed that they always want cooperation and this is not an act of attacking the opponent.

CZ revealed more reasons for liquidating the FTT investment, implicitly accusing FTX of “playing bad” behind Binance’s back. FTT liquidation is a post-exit risk management measure that previously held FTT voluntarily. Earlier, Changpeng Zhao said in response to a Twitter user’s question that Binance’s FTT holdings were not due to the lockup period.

Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.
— CZ 🔶 Binance (@cz_binance) November 6, 2022

This is not the first time, the community has witnessed the confrontation between CZ and Sam. Previously, she had also given mixed views in helping crypto companies in difficulty during the liquidity crisis.

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