Binance Sells $500M FTT, Says FTX Is Backstabbing Crypto

November 7, 2022 at 06:50 AM GST updated: November 8, 2022 at 12:45 AM 2 mins read Exchange News

Binance is liquidating $500 million worth of FTX tokens (FTT).
Changpeng Zhao claims Sam Bankman-Fried and the rest of FTX are lobbying against other crypto players in secret.
FTX is witnessing an exodus of users following rumors of exchange instability.

Binance CEO Changpeng Zhao did not mince his words on Twitter as he explained why the exchange had liquidated $500 million worth of FTX tokens (FTT). According to his tweet, he and the rest of Binance will not be supporting anyone who “lobby against others behind their backs.”

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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

In essence, CZ is claiming that FTX CEO Sam Bankman-Fried (SBF) is backstabbing other crypto players. There was no specific detail about which part CZ is referring to, although SBF is known to be active in working with regulators on behalf of the crypto industry. If what CZ says has merit, then it shows that SBF’s intention has been selfish in nature all along.

SBF has yet to comment on CZ’s allegation — at least not directly. In a thread, SBF expressed thanks to those who remain committed to FTX as the crypto exchange is struggling against considerable liquidation amid a massive exodus of users. In detail, there are rumors saying that FTX has discrepancies with its balance sheet.

A few notes on the balance sheet info that has been circulating recently:
– that specific balance sheet is for a subset of our corporate entities, we have > $10b of assets that aren’t reflected there
— Caroline (@carolinecapital) November 6, 2022

To be fair, there is no sufficient evidence to support the claim of CZ regarding FTX. However, many people are already siding with CZ, especially those who are worried about their assets. Some even commented, saying “this market can’t have another LUNA.”

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