FTX Binance Fallout: Bitdao Community Asks Alameda Research to Respond to Token Dump Allegations

After the Bitdao token's quickfire plunge on Nov. 7, members of the Bitdao community have asked Alameda Research to address rumors the principal trading platform has dumped Bitdao's BIT tokens.

Timeline of Bitdao, Ftx-token

BitDAO (BIT)suspected FTX founder Sam Bankman Fried's venture capital firm Alameda Research of breaching an agreement made in 2021 and selling its 100 million BIT tokens, causing BIT to plummet. The post BitDAO suspects Alameda of dumping BIT tokens, asks for proof of funds appeared first on CryptoSlate.

A day after Binance CEO Changpeng Zhao revealed he would offload all the FTT tokens in the company's kitty, FTX's native token (CRYPTO: FTT) nose-dived about 35% and made a low of $15.56, from a high of $23.15 it had made over the last 24 hours. FTT is currently trading at $17.20, down about 23%.

Crypto exchange FTX hasn't processed a withdrawal in more than two hours, according to on-chain data. The post FTX appears to have stopped processing withdrawals, on-chain data show appeared first on The Block.

FTX treasury has lost over $3 billion since the start of November, largely thanks to the implosion of its native token FTT and Solana (SOL) over the period. The post FTX treasury lost over $3B in a week, Binance treasury up over same period appeared first on CryptoSlate.

In the last 24 hours, the cryptocurrency market cap saw net outflows of $48.79 billion to $971.29 from $1,028.2 billion as of press time — down 4.79%. The post CryptoSlate Daily wMarket Update – Nov. 7: Markets turn red as FTT dumps amid rumors of liquidity issues appeared first on CryptoSlate.

The Magic Internet Money (MIM), a stablecoin issued by Abracadabra Money, slightly lost its parity with the US dollar. The post MIM stablecoin slightly loses dollar parity amid fears of partial FTT backing appeared first on The Block.

BitDAO had asked Alameda Research to provide on-chain proof that it had not sold the 100 million bit tokens it received last year. The post Alameda provides proof it holds 100 million bit tokens after BitDAO query appeared first on The Block.

The previous year turned out to be the wealthiest season for altcoins. As most of those had outperformed the most dominant asset Bitcoin. One such asset that amazed the crypto space with massive price spikes in Q1 was the FTX token. The FTX is built on the ERC-20 token and is a crypto derivatives exchange.

Raoul Pal, the former head of global strategy at Goldman Sachs, is disappointed with Binance's decision to liquidate its entire token portfolio of the cryptocurrency exchange FTX (CRYPTO: FTT).  What Happened: Pal is concerned that Binance “most opaque cryptocurrency exchanges with no reporting or ownership”, is trying to push another “opaque cryptocurrency exchange” and an overly entangled trading firm (referring to crypto exchange FTX) into insolvency.

With the ongoing controversy between two major cryptocurrency exchanges – FTX and Binance – and the latter dumping $500 million worth of FTT, it is no surprise that FTX token's price and market capitalization are taking a dramatic hit.