HomeBitcoinCEO of Binance dismisses Alameda's offer to purchase its FTT holdings

CEO of Binance dismisses Alameda’s offer to purchase its FTT holdings


Binance CEO Changpeng “CZ” Zhao seemed uninterested in Alameda Research’s offer to purchase the cryptocurrency exchange’s FTX Token FTT tickers down $17.65 holdings.

On November 7, Zhao was asked on Twitter if he would accept Caroline Ellison, CEO of Alameda Research, offer to buy Binance’s FTT holdings for $22 per token. “I believe we will remain in the open market,” Zhao remarked.

Ellison made the offer after Zhao announced on November 6 that Binance will be selling its FTT holding as a result of “post-exit risk management” as a result of “learning from LUNA.”

At the time, Zhao stated that he would work to “minimize market impact” and that the token sales would take “a few months to complete” due to the exchange’s stablecoin Binance USD (BUSD) and FTT holding approximately $2.1 billion in equivalent US dollars.

Binance chose not to respond to a question about it.

As reported data from Nansen shows, $451 million worth of stablecoins have reportedly left the exchange, there have been worries that reports over Alameda’s finances, Binance’s anticipated FTT liquidation, and Zhao’s comments could be the probable cause for significant withdrawals from FTX.

On November 7, consumers complained on Twitter about long wait times. FTX responded to the comments and assured users that everything was functioning properly.

On Nov. 7, Bankman-Fried claimed that an unknown “competitor” was “trying to go after the cryptocurrency exchange with false rumors.”

Zhao has emphasized that he is not engaged in a “battle” with FTX or Bankman-Fried. He tweeted on November 7 that he “spends my energy growing, not fighting,” and he also made an effort to dispel what he called “conspiracy ideas” that he “somehow organized this whole affair.”

The FTT price dropped to around $15.40 from $22 and is currently down 29.5% in 24 hours at the time of writing, This bearish pattern could cause FTT to fall by 30%. Early on Nov. 8, the price of FTT plunged to roughly $15.40 from $22.

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