Binance Will Sell Crypto FTT, Equivalent to US$2.1 Billion?

Zhao did not clearly state what he meant by "recent events that were revealed to the public recently", as the cause and motive for the planned sale of FTT.

In another tweet, he said that so that the crypto market would not be negatively affected, the sales process would be carried out in stages.

"We will do that, as much as possible not to have a negative impact on the market. Given the current market situation and limited liquidity, we expect it to take several months to complete,” he explained.Binance will sell FTT after Binance CEO Changpeng Zhao said his decision was based on “recent inspiration” and the sale process would take a month due to the large amount.Reporting from Cointelegraph, Monday (11/7/2022), Zhao also added that he would not oppose other people's decisions. But, he would not support a party that lobbied the other party by playing behind them.

The Cointelegraph editor interpreted Binance's decision to sell the tokens due to a leak of financial position information from Sam Bankman-Fried founder of Alameda Research, where billions of dollars of Alameda's assets are tied to FTX tokens.

"The statement of financial position does not represent the truth, it shows only a small number of corporate entities and other assets equivalent to US$10 billion are not listed," said Caroline Ellison, CEO of Alameda Research.

Bankman Fried also supports Caroline's claim by saying that many untrue rumors are circulating.Zhao did not say how much FTT will be sold but the information obtained is worth around US$2.1 billion when valued in Binance USD (BUSD).

Binance will sell the FTT, but minimize its effect on the market, therefore, this process will take several months.

Cointelegraph also reported that nearly 23 million FTTs, equivalent to US$584 million, were transferred from certain wallets to Binance, which Zhao later recognized as part of their FTT.