FTX’s native token FTT has experienced a volatile weekend as Binance began liquidating its tokens due to “recent revelations that have came [sic] to light,” according to Binance CEO CZ. The FTT token is down 9.4% on the day as of press time.
FTT Token
The local bottom for Nov. 6, however, was as low as $12.42, down 15% since Saturday, Nov. 5. FTX uses the FTT as collateral for several loans leading to fears of another major crypto meltdown should FTX receive a large margin call.
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
Binance selling over $500 million in FTT tokens
Rumors of CZ’s involvement started early on Sunday, Nov. 6, as FTX’s native token, FTT, fell sharply. There are fears that the downturn could trigger liquidations
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