BitDAO Threatens To Sell FTT Because SBF Suspects To Sell 100 Million BIT
The BitDAO community has launched an Alameda bridge proposal that provides on-chain addresses of promised tokens that will not be sold for 3 years. If there is no response within 24 hours, the community will make a decision with 3.362315 million FTT.
On November 8, the CEO of cryptocurrency exchange Bybit, Ben Zhou, responded to the sharp drop in BIT. In the community it is said that someone promised not to sell 100 million BIT holdings and Bybit may have been scammed.
As of press time, BIT is down 16.5% in 24 hours and is currently quoted at $0.34.
Previously, Alameda Research proposed to BitDAO in October 2021 to exchange 100 million BIT for about 3.3623 million FTT. At the same time, both parties need to publicly declare that they will not sell each other’s tokens for 3 years.
Although SBF always insists that FTX liquidity is still very good, if this behavior is indeed Alameda’s breach of commitment, it may mean that there are some problems with the liquidity of Alameda and FTX. Currently, the FTX token has dropped from more than $25 to $15.75 in just 2 days.
As has been updated in previous Coincu News articles, since the Binance CEO announced that he would withdraw his investment by selling all of the FTT held by the exchange, a massive liquidation of FTT has taken place. Much evidence has shown that FTX’s balance sheet is skewed. The exchange’s holdings are also being converted into cash.
Currently, FTX’s CEO, Caroline, has confirmed that Alameda has not broken his promise to Bybit and will provide proof.
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