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

  • 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.”

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.

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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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.