FTX and CZ have been trending across the crypto realm with Binance’s decision to liquidate its FTT tokens. CZ recently announced on Twitter that his cryptocurrency exchange was selling off its holdings of FTT, the FTX exchange’s native token.
The CEO of the biggest cryptocurrency exchange revealed via a thread that Binance gained roughly $2.1 billion equivalent in cash (BUSD and FTT) as part of its exit from FTX equity last year. He cited “recent revelations” as the reason for the most recent sale decision.
The executive went on to say that his company had learned a valuable lesson from LUNA regarding “post-exit risk management.” He emphasized that they “won’t pretend to make love after divorce” during the exchange.
Zhao, however, made it clear that while Binance was “not against” anybody, it would “not support people who lobby against other industry players behind their backs.” In one of the most recent tweets, FTX CEO, Sam Bankman-Fried stated that a competitor is trying to go after them with false rumors.
FTX CEO states that FTX and assets are fine
SBF mentioned in his tweet that FTX and the assets are fine. He added that the exchange has enough to cover all client holdings. Fried mentioned that they don’t invest client assets even in treasuries.
SBF stressed that they have been processing all withdrawals and will continue to do so. He stated that it is heavily regulated with GAAP audits and has $1 billion in excess cash. Fried also highlighted their long history of safeguarding the assets of clients.
He concluded the tweet by mentioning CZ, stating that he would love it if they could work together for the ecosystem. FTX and Binance are two of the biggest names in the crypto realm. They were also two of the sturdiest crypto firms that prevailed in the rough bear market.