FTX’s CEO in Critical Hassle as Government’s Hedge Fund is Alleged of Not Complying With the Settlement

FTX, one of many high crypto exchanges across the globe, discovered itself in sizzling waters as a number of scandals are heating up.

On Sunday, FTX’s native token FTT went down by 10% in a matter of hours. The FTX group suspected the decline came about due to Binance dumping FTT tokens. Later, a report surfaced that confirmed FTX CEO Sam Bankman-Fried’s hedge fund Alameda Analysis’s involvement within the downturn.

Reacting to the state of affairs, Binance CEO Changpeng Zhao or in any other case referred to as CZ publicly introduced that the change will promote all of the remaining FTT tokens it holds. CZ, nonetheless famous, that their actions are usually not directed in the direction of the competitor and the sale shall be performed in a method that reduces market influence. Alameda’s CEO Caroline Ellison reacted to the report as he deemed the info printed incomplete.

As if the FTX’s battle with Binance was not sufficient, one other social gathering BitDao got here up with one other allegation. Throughout the previous few hours the BIT token took a steep downward flip. BitDao responded that they think Alameda of dumping 100 million BIT tokens.

Really, again in November 2021, BitDao had swapped 100 million BIT tokens with 3,362,315 tokens. Tye settlement was made that the events concerned wouldn’t promote any a part of their holdings earlier than November 2, 2024.

The BitDao group has now requested for proof of funds from Alameda, whereas the agency printed their proof of funds hours in the past. In response Alameda’s CEO said that he’ll present the proof later as issues calm down. In the intervening time BitDao group threatened:

“The popular methodology is for Alameda to switch the 100 million $BIT tokens to an on-chain (non-exchange) handle for the BitDAO group to confirm, and maintain till the tip of the settlement”.

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