Binance to Liquidate Reserves in FTT Over Unethical Business Practices
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Cryptocurrency exchange Binance will remove its reserves in FTX token (FTT) due to "recent revelations that have came to light," said in a tweet Binance CEO, Changpeng Zhao (CZ).

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Binance boss says the exchange received FTT tokens as part of exit from FTX equity last year, when the trading platform had received over $2 billion in binance USD (BUSD) and FTT, without detailing how much Binance got in FTT. According to reports, Binance has already deposited around 23 million FTT (over 500 million) into its hot wallet.

CZ noted that Binance wouldn't dump all the tokens immediately to minimize market impact. Although CZ declined to explain what was the trigger behind the move, he pointed out that the exchange "won't support people who lobby against other industry players behind their backs," without directly naming FTX. He particularly said:

"Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards."

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FTX CEO, Sam Bankman-Fried, took to Twitter to respond to CZ's allusions. While Bankman-Fried didn't specifically name CZ, he wrote that a "competitor is trying to go after us with false rumors." FTX boss reassured clients that the exchange is solvent and doesn't invest clients' funds.

Alameda Research — the trading firm founded by FTX's Bankman-Fried — also said it is ready to buy all FTT from Binance for $22 per token. Amid reports, FTT's price plunged by over 10%.

The drama comes after CoinDesk had learned that Alameda Research's balance sheet is full of FTT, although FTX and Alameda Research are positioned as two independent entities.

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