Cryptocurrency exchange FTX’s token has fallen below a level suggested by an affiliate as an offer price, after an increase in withdrawals that was triggered when competitor Binance Holdings Ltd. announced plans to sell all its token.
(Bloomberg) — Cryptocurrency exchange FTX’s token has fallen below a level suggested by an affiliate as an offer price, after an increase in withdrawals that was triggered when competitor Binance Holdings Ltd. announced plans to sell all its token.
On Sunday, Changpeng Zhao, CEO of top crypto exchange Binance, announced plans to sell the bourse’s roughly $530 million holding of FTT, the native token of Sam Bankman-Fried’s FTX. Caroline Ellison, the CEO of Bankman-Fried’s trading house Alameda Research, later offered to buy all of Binance’s FTT tokens at $22.
That price level has now been breached. The FTT token tumbled below $18 in Singapore on Tuesday, according to data from CoinGecko. Other cryptocurrencies like Bitcoin and Ether fell to session lows around the same time that FTT moved lower.
Zhao and Bankman-Fried have been trading barbs on Twitter in the past few months, feuding over issues ranging from lobbying US politicians to allegations of frontrunning trades. In a string of tweets on Sunday, Zhao first denied that selling FTT was a “move against a competitor,” although a later posting seemed to imply unhappiness with FTX.
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