to liquidate remaining FTX’s FTT tokens

Binance CEO Changpeng Zhao recently announced on Twitter that the exchange will be liquidating the remaining $529 Million in FTT tokens by Sam Bankman-Fried in the coming months.

According to CZ, Binance had already exited from equity last year and received $2.1 billion but seeing the recent news about the FTX exchange, the company will be selling the remaining FTT tokens.

CZ also added that the tokens will be dissolved slowly in the coming months to lower the market impact. If it liquidates the FTT tokens in one go, it will cause a huge loss to its users.

Binance and FTX are direct competitors in the crypto market. Recently, both CZ and Bankman-Fried competed to buy bankrupt firms to save the Web3 industry.

A lot of people assumed the selling of FTT tokens might be due to the competition but CZ denied the speculations saying Binance had held onto these tokens for a long time.

He also added,  “Our industry is in it’s nascency and every time a project publicly fails it hurts every user and every platform.”

In response to this, Caroline Capital announced on Twitter that Alameda would buy the FTT tokens from Binance at a discount price of $22 million, to which the exchange is yet to reply.

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