Alameda Research, under the management of FTX CEO Sam Bankman-Fried, has sold BitDAO (BIT), in violation of its agreement with cryptocurrency exchange Bybit.
As the FTX token (FTT) crisis continued on the Alameda Research side, the company began selling its holdings to maintain its position in the market. During this liquidity search, Alameda Research’s Bybit It was noticed that the exchange was selling BIT, its native token.
3.36 million FTT made in return 100 million BITs The conversion process was met with a reaction from the Bybit front. According to the agreement between both parties, the FTT and BIT assets in the hands of the parties Not selling for 3 years had been decided.
After the said sale transaction, approximately a 30% drop seen.
After the Alameda side broke the deal, he made a statement. BitDAO, within 24 hours If there is no logical explanation for this transaction, 3362315 FTTs Will take action to sell.
According to data by the on-chain analytics platform Nansen, it’s instantaneously in FTX’s hot wallet. 97 million BITs exists. This number is part of the 3-year deal. under 100 million Although it is not a serious sale.
After the news of the BIT sale spread in the market twitter Alameda CEO, who made a statement on Caroline EllisonAddressing the CEO of Bybit, he stated that the sales do not belong to them:
Sales do not belong to us. We’ll provide you with proof of funds when things calm down.
After speculation on Alameda Research’s balance sheet, Binance decided to liquidate all its FTTs. After that, the bickering between the two fronts was enough to affect both the FTT price and the cryptocurrency markets in general.