FTX’s FTT token misplaced roughly 30% of its worth within the final 24 hours after 1.9 million FTT tokens — value roughly $44 million on the time — have been moved from the Genesis over-the-counter (OTC) Desk to FTX on Nov. 8, in keeping with Wu Blockchain.
FTT instantly 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 in the past, however CZ mentioned it was not Binance promoting.
— Wu Blockchain (@WuBlockchain) November 8, 2022
Hypothesis pointed to Binance however the trade’s CEO Changpeng ‘CZ’ Zhao reportedly denied that the trade has offered its FTT.
FTT had principally traded for round $22 on Nov. 7; nevertheless, the asset skilled excessive volatility within the early buying and selling hours of Nov. 8, pushing its worth to as little as $15.56.
FTT whales in motion
Experiences from Lookonchain and Peckshield recognized a number of whale transactions that would have impacted FTT’s worth.
Lookonchain acknowledged {that a} whale transferred 272,516 FTT ($6M) to Binance and 45,000 FTT ($1M) to FTX Trade. In response to the on-chain sleuth, the whale could be promoting at a $6 million loss as his common shopping for value was $41.
In the meantime, Peckshield reported that over 13 million FTT tokens have been transferred from FTX to new wallets. One of many transactions concerned the switch of 10M FTT ($166.5M) away from its father or mother firm trade to the deal with 0xc…cb6-the deal with is now the fourth largest holder of FTT.
#PeckShieldAlert ~10M $FTT (~$166.5M) has been transferred from FTX trade to the deal with 0xc…cb6
The deal with has change into the 4th largest $FTT holders pic.twitter.com/lsEJibtFHI— PeckShieldAlert (@PeckShieldAlert) November 8, 2022
BNB, Solana, and BIT caught within the crossfire
Binance’s native token, BNB, additionally appeared to have skilled some gentle sell-off, falling by round 8% to $315 through the early buying and selling hours.
Whereas the token has barely recovered to $326 as of press time, Lookonchain recognized three dormant addresses that offered $89.5 million of their BNB holdings.
Within the final 24 hours, Solana (SOL) crashed by 22% to as little as $25.59. The crypto neighborhood speculated that Alameda was dumping SOL to assist FTT at $22.
Not making an attempt to FUD @SBF_FTX and Alameda however when $SOL takes a ten% dump + different solana cash additionally tanking, whereas $FTT stays the identical at $22, it’s clear who’s market promoting $SOL and different cash to defend $FTT 😕 SOL goes a lot decrease at this price of promoting pic.twitter.com/HS2fghFug9
— Bobby Apelrod / / nicefeet.sol (@tofushit888) November 8, 2022
Hal Press, the founding father of a hedge fund funding in cryptocurrencies North Rock Digital, raised questions on whether or not Alameda dumped Solana to assist FTT at $22. Press continued {that a} beneath $22 value “might set off some loans they (Alameda) can’t repay.”
One other flag is Alameda seemingly dumping SOL to assist FTT at 22. Why is 22 so essential? https://t.co/1JJQAaCRrM
— Hal Press (@NorthRockLP) November 8, 2022
In the meantime, one other crypto token that was caught within the whirlwind was ByBit’s BIT token. The BIT token plunged roughly 20% inside an hour to $0.307, forcing the BitDAO neighborhood to query whether or not Alameda dumped and breached their three years mutual no-sale dedication.
busy in the mean time however that wasn’t us, will get you proof of funds when issues settle down
— Caroline (@carolinecapital) November 8, 2022
Alameda CEO Caroline Ellison, nevertheless, quelled the rumors stating that the buying and selling agency had not offered its BIT holdings.
Nansen CEO Alex Svanevik tweeted that the transaction that took the FTX pockets beneath 100 million BIT was made by the enterprise capital arm of ByBit, Mirana Ventures.
A bit odd that the transaction that took them beneath 100M BIT really was made by Mirana Ventures – Bybit’s personal VC arm. pic.twitter.com/KanHJDfwnP
— Alex Svanevik 🐧 (@ASvanevik) November 8, 2022
