ftx binance
If you weren’t on Twitter on Sunday, November 06 to see what happened between Sam Bankman-Fried (SBF) and Changpeng Zhao (CZ). This article is for you.

According to documents released by Coindesk, Alameda Research, a company attached to the FTX exchange, would have the same scheme that bankrupted Celcius Network.

Is Alameda Research the New Celcius Network?

Everyone knows that Sam Bankman-Fried has two companies: FTX and Alameda Research, it’s his trading company. Because of that, Sam made Alameda hold $14.6 billion of FTX tokens, according to a secret document revealed by Coingecko.

So, between Alameda and the exchange, they have 74% of the total supply of the FTX token, so if Alameda Research falls, the price of its native token and the exchange will fall as well. But that’s not all, Alameda has a $2.16 billion pile of “FTT collateral.” Also, there are more FTX tokens in its $8 billion of liabilities: $292 million of “locked FTT.” Here is a thread of it for more info.

The CEO of Swan Bitcoin said “It’s fascinating to see that the majority of the net equity in the Alameda business is actually FTX’s own centrally controlled and printed-out-of-thin-air token.”

Binance’s Reaction

Some hours later, Binance decided to move 23 million FTX tokens, representing 7.4%, to start selling them gradually and minimize their negative effect on the market. This prompted Sam Bankman-Fried (SBF), founder of the exchange, to go so far as to threaten Changpeng Zhao (CZ), founder of Binance, into selling the BNB tokens they hold.

However, SBF said its tokenomics are fully audited, pointing out that Binance wants to destabilize FTX with false rumors. Many FTX users are pulling their funds out of the FTX exchange.

This caused the price of the FTX token decreases by 8.5% in the last 24 hours. I think there will be more to come on this topic. We will keep you informed.

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