Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on November 06, 2022, 06:28:23 PM
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Today's big event revolves around CZ and FTT tokens:
Binance CEO Changpeng Zhao "CZ" did not say how much FTT his firm will sell, but that as part of the cryptocurrency exchange’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash in the form of BUSD (Binance's stablecoin) and FTT.
Alameda’s CEO, meanwhile, tweeted that her trading firm’s financial condition is stronger than what was reflected by the balance sheet CoinDesk wrote about. She also offered, in a reply to the Binance CEO’s post, to buy his firm’s FTT token holdings for $22 each.
Source: Binance to Sell Rest of FTX Token Holdings as Alameda CEO Defends Firm's Financial Condition (https://www.coindesk.com/business/2022/11/06/binance-sells-holdings-of-ftx-token-as-alameda-ceo-defends-firms-financial-condition/)
Actually this event can be completely resolved internally, CZ can call Sam to negotiate the price to buy back FTT tokens, why make a fuss on twitter 🤔
I really think that CZ is trying to dump the price of FTT and then collect it in larger quantities, because despite the crypto winter, the price of FTT has only dropped 4 times from ATH 84 USD.
The market is really complicated, everything is in the money game of the whales.
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Whatever is going on it's not good for the crypto market. Many investors and traders are afraid that FTT can be the next Luna but in my opinion, FTT is a very strong project and we all know CZ and ELON are the big influencers, and whatever they speak affects the market so they should also speak wisely because their words can affect many traders and investors. A good message is not going in the crypto market because CZ selling FTT and I believe FTT value will drop further.
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This is just a normal move on mainstream where a large shareholder must make public announcements when they want to sell their position. I think when the intention is clear, CZ to sell all his FTT, normies and smallholders should sell before CZ to avoid getting burned. The fact that Binance wants to exit FTT is alarming. It's said that FTX has become insolvent: https://www.investopedia.com/binance-to-sell-ftt-6826211
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Maybe CZ just wants to bring down the price and will eventually save the exchange, but already under its patronage.
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Things are getting uglier everyday with FTX. After the collapse of FTX, the filing of the bankruptcy then the platform was hacked to the tune of $600 million...and then just recently there is supposedly a sex tape scandal involving SBF and Ms. Caroline of Alameda Research. All of these details will only benefit Netflix as it can be planning to be producing a movie or a TV series surrounding the FTX debacle. Just like Elizabeth Holmes and her Theranos, we are being served with juicy tidbits of information from time to time...a very good source of curiosity and entertainment while many people and investors lost their money partly to being naïve.
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Yes, FTX got into a lot of trouble and all the scandals associated with it are just an additional attempt to finish them off.I think this will be a good lesson for the crypto industry, because nothing is eternal, nothing is perfect.
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No doubt CZ had inside information about what was going on at FTX. I don't know if we can call it a conspiracy or not, but the way CZ acted on Twitter made it very clear, from my point of view, that he wanted to take down an adversary. Although in the days after the crash CZ said that they wanted to help FTX with a large amount of money, I don't fully believe it, since CZ himself knew that this amount was not enough to solve the problems as he said weeks later. The truth is that it is a subject with too many unknowns. For example, I also do not believe that a company like FTX did not have an accountant as they said, but we will know all that when we have more official information.