ByBit’s native token BitDAO (BIT)It’s down 20% today. The reason for the decline is somewhat surprising and not a good development for the ecosystem. Here are the details of the events.
ByBit co-founder Ben Zhou claimed that Alameda Research is selling BIT tokens. According to Zhou, the sale of BIT tokens was prohibited for three years in return for the agreement. If Alameda does not respond to the allegations within 24 hours, the community will respond in 3,362,315 FTT token can discharge.
The community requested on-chain data on BIT tokens stored as part of Alameda Research’s 3-year commitment. The move comes after Bybit co-founder Ben Zhou accused Alameda of selling BitDAO (BIT) tokens.
Koinfinans.com As we reported, Bybit’s exchange token BIT suddenly lost 20% in an hour. Alameda Researchreceived 100 million BITs in 2021 and sent it to an FTX exchange address. Meanwhile, the BitDAO community holds 3,362,315 FTT tokens in the BitDAO Treasury. Both parties have committed not to sell tokens within 3 years. The value of the tokens held by Alameda is currently $ 30 million. Considering the overall outlook of the company, this amount is not very high.
As a matter of fact, Alameda CEO Caroline Ellison said that the company had nothing to do with this sale. She also promised to share the evidence with Bybit co-founder Ben Zhou.
Lookonchain stated that on-chain data, Alameda transferred 4,637,839 BITs worth $1.6 million 3 hours ago to FTX. The FTX wallet currently holds 97 million BITs in the FTX hot wallet. As a result, that’s less than 100 million committed by Alameda Research.
FTX Token (FTT) and BitDAO (BIT) Drop 20%
FTX Token (FTT) has lost more than 25% due to selling pressure from whales and investors. Binance CEO previously announced that he is selling all FTT tokens in the next few months. It triggered a liquidity issue at FTX, but founder Sam Bankman-Fried said deposits and withdrawals worked smoothly. FTT price dropped to $15.56 today.
BitDAO (BIT) price also fell by about 20% to $0.30. The token has now recovered from the lows, but is still down 9% in the last 24 hours.
You can follow the current price action here.
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