Sequel to the tweet by Binance’s CZ on Sunday, Sam Bankman-Fried in a tweet on Monday has cleared the air about allegations spread by Binance’s CEO.
Sam Bankman-Fried Slams Binance CEO
On November 6, Binance’s CEO on Twitter announced his exchange intention to empty its FTX token due to recent revelations, this, of course, has led to rumors like insolvency about FTX in the crypto community, as a response to this, SBF on Monday, November 7, took to Twitter to clear the air on the allegations by Binance CEO about FTX exchange.
In his tweet, he wrote;
“A competitor is trying to go after us with false rumors.”
“FTX is fine, Assets are fine,” he added.
He however furthered that FTX has enough to cover all the clients’ holdings, he also said that the crypto firm FTX does not invest clients’ assets (even in treasuries).
FTX is heavily regulated even when it slows down the process, said SBF. FTX has GAAP audits with more than $1 billion in excess cash.
SBF assured FTX users of the safety of their assets and added that the company has a long history of safeguarding clients’ assets and claimed that it has not changed till today.
He concluded by calling on Binance CEO to work together with FTX for the ecosystem.
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FTT ETH Reserve Drops to a New Low
After the CEO of Binance confirmed the liquidation of its FTX token position on Sunday, there has been a significant drop in the FTT ETH reserve.
As suggested by data, the FTT ETH reserve has dropped by 300k over the past 48 hours, this is considered as one of the massive drops since late 2020.
Source: CryptoQuant
Also in the past 24 hours, the FTX token plunged by 4% in market price.
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