1 year ago
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FTX’s FTT token drops following Binance controversy
The price of FTX’s FTT token, a cryptocurrency, has dropped significantly over the last hour. According to data from CoinMarketCap, the token’s price dropped 19% from about $22 to about $17 at the time of writing. The announcement coincides with a high-profile standoff between FTX and Binance, two of the biggest exchanges in the cryptocurrency market. On November 6, Binance CEO Changpeng Zhao tweeted that the exchange would start selling off its FTT holdings as a result of “recent revelations.” It appears that Zhao was alluding to a previous report that detailed Alameda Research’s balance sheet. Sam Bankman-Fried, who runs