Binance Announces Sale Of FTT Token And Troubles Ensue

Binance and FTX clashed recently after Binance CEO Changpeng Zhao tweeted that his exchange would gradually withdraw billions of dollars in FTX&39s native token, FTT, due to certain revelations that have come to light.

As speculation about the solvency of billionaire Sam Bankman-Frieds crypto exchange grew over the weekend, the FTX CEO tweeted early Monday morning that everything in FTX is satisfactory and that the assets are fine.

He also stated that FTX has sufficient liquidity to cover all client holdings and that the company does not invest client funds. He concluded by saying that FTX always has and will continue to process all withdrawals.

FTXs native exchange token FTT was loaded into a story last week revealing the balance sheet of FTX sister company Alameda Research. This sparked a public spat between Alameda CEO Caroline Ellison and Changpeng Zhao, who also owns a large number of FTT tokens.

Taking note of the findings in a recent report, Zhao stated that his exchange would start liquidating any remaining FTT on its books. Ellison responded on Twitter, saying Alameda was ready to buy any amount of FTT Binance wanted to unload for $22 each. Zhao appeared to reject Ellisons offer in a tweet Monday afternoon, saying Binance would stay in the free market.