{"id":8389,"date":"2022-11-08T09:45:53","date_gmt":"2022-11-08T09:45:53","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=8389"},"modified":"2022-11-08T09:45:55","modified_gmt":"2022-11-08T09:45:55","slug":"ftt-tanks-30-after-1-9m-tokens-moved-to-ftx-binance-denies-selling","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8389","title":{"rendered":"FTT tanks 30% after 1.9M tokens moved to FTX, Binance denies selling"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>FTX\u2019s FTT token lost roughly 30% of its value in the last 24 hours after 1.9 million FTT tokens \u2014 worth roughly $44 million at the time \u2014 were moved from the Genesis over-the-counter (OTC) Desk to FTX on Nov. 8, according to Wu Blockchain.<\/p>\n<p lang=\"en\" dir=\"ltr\">FTT suddenly plunged 14% in 1 hour, and SOL fell 14% in 24 hours. 1.9 million FTT ($44 million) was transferred from the Genesis OTC Desk to FTX 12 hours ago, but CZ said it was not Binance selling.<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) November 8, 2022<\/p>\n<p>Speculation pointed to Binance but the exchange\u2019s CEO Changpeng \u2018CZ\u2019 Zhao reportedly denied that the exchange has sold its FTT.<\/p>\n<p>FTT had mostly traded for around $22 on Nov. 7; however, the asset experienced extreme volatility in the early trading hours of Nov. 8, pushing its value to as low as $15.56.<\/p>\n<h2>FTT whales in action<\/h2>\n<p>Reports from Lookonchain and Peckshield identified several whale transactions that could have impacted FTT\u2019s value.<\/p>\n<p>Lookonchain stated that a whale transferred 272,516 FTT ($6M) to Binance and 45,000 FTT ($1M) to FTX Exchange. According to the on-chain sleuth, the whale would be selling at a $6 million loss as his average buying price was $41.<\/p>\n<p>Meanwhile, Peckshield reported that over 13 million FTT tokens were transferred from FTX to new wallets. One of the transactions involved the transfer of 10M FTT ($166.5M) away from its parent company exchange to the address 0xc\u2026cb6-the address is now the fourth largest holder of FTT.<\/p>\n<p lang=\"en\" dir=\"ltr\">#PeckShieldAlert ~10M $FTT (~$166.5M) has been transferred from FTX exchange to the address 0xc\u2026cb6<br \/>The address has become the 4th largest $FTT holders pic.twitter.com\/lsEJibtFHI<\/p>\n<p>\u2014 PeckShieldAlert (@PeckShieldAlert) November 8, 2022<\/p>\n<h2>BNB, Solana, and BIT caught in the crossfire<\/h2>\n<p>Binance\u2019s native token, BNB, also appeared to have experienced some mild sell-off, falling by around 8% to $315 during the early trading hours.<\/p>\n<p>While the token has slightly recovered to $326 as of press time, Lookonchain identified three dormant addresses that sold $89.5 million of their BNB holdings.<\/p>\n<p>In the last 24 hours, Solana (SOL) crashed by 22% to as low as $25.59. The crypto community speculated that Alameda was dumping SOL to support FTT at $22.<\/p>\n<p lang=\"en\" dir=\"ltr\">Not trying to FUD @SBF_FTX and Alameda but when $SOL takes a 10% dump + other solana coins also tanking, while $FTT stays the same at $22, it\u2019s clear who is market selling $SOL and other coins to defend $FTT \ud83d\ude15 SOL is going much lower at this rate of selling pic.twitter.com\/HS2fghFug9<\/p>\n<p>\u2014 Bobby Apelrod \/ \/ nicefeet.sol (@tofushit888) November 8, 2022<\/p>\n<p>Hal Press, the founder of a hedge fund investment in cryptocurrencies North Rock Digital, raised questions about whether Alameda dumped Solana to support FTT at $22. Press continued that a below $22 price \u201ccould trigger some loans they (Alameda) can\u2019t repay.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Another flag is Alameda seemingly dumping SOL to support FTT at 22. Why is 22 so important? https:\/\/t.co\/1JJQAaCRrM<\/p>\n<p>\u2014 Hal Press (@NorthRockLP) November 8, 2022<\/p>\n<p>Meanwhile, another crypto token that was caught in the whirlwind was ByBit\u2019s BIT token. The BIT token plunged roughly 20% within an hour to $0.307, forcing the BitDAO community to question whether Alameda dumped and breached their three years mutual no-sale commitment.<\/p>\n<p lang=\"en\" dir=\"ltr\">busy at the moment but that wasn&#8217;t us, will get you proof of funds when things calm down<\/p>\n<p>\u2014 Caroline (@carolinecapital) November 8, 2022<\/p>\n<p>Alameda CEO Caroline Ellison, however, quelled the rumors stating that the trading firm had not sold its BIT holdings.<\/p>\n<p>Nansen CEO Alex Svanevik tweeted that the transaction that took the FTX wallet below 100 million BIT was made by the venture capital arm of ByBit, Mirana Ventures.<\/p>\n<p lang=\"en\" dir=\"ltr\">A bit odd that the transaction that took them below 100M BIT actually was made by Mirana Ventures \u2013 Bybit&#8217;s own VC arm. pic.twitter.com\/KanHJDfwnP<\/p>\n<p>\u2014 Alex Svanevik \ud83d\udc27 (@ASvanevik) November 8, 2022<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/ftt-tanks-30-after-1-9m-tokens-moved-to-ftx-binance-denies-selling\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX\u2019s FTT token lost roughly 30% of its value in the last 24 hours after 1.9 million FTT tokens \u2014 worth roughly $44 million at the time \u2014 were moved from the Genesis over-the-counter (OTC) Desk to FTX on Nov. 8, according to Wu Blockchain. FTT suddenly plunged 14% in 1 hour, and SOL fell [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-8389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8389"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8389\/revisions"}],"predecessor-version":[{"id":8391,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8389\/revisions\/8391"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8390"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}