Crypto cryptocurrency FTT FTX Crypto exchange wars: Binance vs. FTX
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As of June 30, Alameda Research reported a balance sheet of $14.66 billion, with FTT the largest holding company with $5.8 billion, making up 88% of its net equity. Or, as researcher Cory Klippsten noted, “the net equity in the Alameda business is actually FTX’s own centrally controlled and printed-out-of-thin-air token.”
Then on Sunday, Changpeng Zhao , the CEO of cryptocurrency exchanger Binance, tweeted that his firm would sell its FTT holdings “due to recent revelations” about the FTX exchange token. The Binance CEO said the exchange would try to sell the tokens “in a way that minimizes market impact,” and expects that it could “take a few months to complete” due to market conditions and limited liquidity.
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