CEO of Binance Changpeng Zhao in his recent statements has announced that they will liquidate most of the tokens of FTX in the next couple of months due to the recent revelations and the controversy around Amanda research, the sister company of FTX.
The CEO of Binance announce that he will liquidate the majority of its position from the FTT tokens, which are listed on the Binance platform.
The main reason which has been stated by Binance for this exit is to work on the post-exit risk management for the company in which the company will be taking the safe side approach from the cryptocurrency fall market like the recent Tera market crash which also impacted other individual retail Players in the cryptocurrency market.
Binance’s CEO also stated that he wants to work against the logging parameters in the industry which is responsible for the regulations of the industry and will help the company to stay on the ground of neutral company in the market.
As per the market reports from platforms like Cointelegraph, it is revealed that the decision from the cryptocurrency exchange platform Binance was taken after the recent leak balance sheet of Amanda research, which was considered the sister company of FTX founder.
This recently revealed some corporate misleads in the balance sheet of company Amanda research and some allied Assets of Amanda research with FTT tokens. The $10 billion which was not reflected in the Amanda research balance sheet is noted as part of FTT tokens as per recent allegations.
The remarks of FTX founder Sam Bankman-Fried noted that these allegations were misleading and they are not able to completely show the real numbers of Alameda Research company’s balance sheet. Sam Bankman-Fried alleged all these claims and a baseless bunch of unfounded rumors which are just circulating to degrade the performance of FTT tokens.
As per the reports of Binance, they will try to sell these tokens in such a way that they will be maintained the market and won’t be impacting the market stabilization. They will be selling these tokens in a few months of period. As per the reports of on-chain analysis, Binance holds 23 million FTT tokens which are considered to be $584 million.
After the recent Binance announcements, the token prices of Binance are impacted and the market witnessed a grasp in the trades in the last 24 hours trades in which the tokens were able to see a 9% hike on November 6th and a 4.3 % down last 24 hours trade.