BTC

$99172.922

0.38%

ETH

$3490.292

-0.12%

XRP

$2.306

-1.05%

BNB

$701.809

0.91%

News

Alameda Still Keeps 100 Million BITs In Wallet

November 8, 2022 - Around 2 mins mins to read
Controversy broke out between BitDAO and Alameda Foundation over their promise not to sell tokens for 3 years. There are many rumors that the Alameda Research fund “betrayed,” sold 100 million BITs, and had more money to subsidize FTT, so BIT sometimes dumped up to 35% in the morning of November 8.
Alameda Still Keeps 100 Million BITs In Wallet

Recently, the BitDAO community proposed that Alameda release the on-chain address of the tokens that had committed not to be sold for three years. If no answer is received within 24 hours, the community will decide what to do with the 3,362,315 FTT.

MheCx bczsr405aeOsOU9LBwyMcWJTKD0htdFMdcMmNAscu04 PrsgmorDrq0f8DnNoWHaXukpujfrE3T5wNhrSeo8ZJfCtGDTwbz2Melfo9X5kXyVanwu9 hGF7N2TuI9PltoXL jNpf3NZ qbtov4

However, according to Nansen,  the data shows that the FTX hot wallet currently has about 97 million BITs, less than the 100 million BITs previously committed to holding. Alameda Research: 0x84d… transferred the wallet’s primary balance one month after receiving the BitDAO treasury transfer.

According to the BIT transfer history and wallet balance, it cannot move the 100 million to other wallets considerably, thus, it is suspected that there is no large-scale sell-off as the outside world believes. Analysts speculated that one possible interpretation is that Bybit believes Alameda will be sold and hence issued an early warning.

Following a BitDAO question, Alameda has provided evidence that it possesses 100 million BIT tokens. Following a retraction of a previous claim that the company had sold in violation of a three-year lock-up, BitDAO stated that the tokens had been transferred to a specified wallet.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Chubbi

CoinCu News

Alameda

BitDAO

Bybit

FTT

FTX

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.