Zhao said his decision was triggered by “recent revelations.” In a Nov. 2 article, news site CoinDesk said much the balance sheet of Bankman-Fried’s trading house Alameda Research is comprised of the FTT token. FTT’s price fell in high trading volumes after Zhao’s announcement and traders rushed to withdraw funds from FTX.
Simmering tensions between the crypto industry’s two richest executives are spilling over into the already battered digital-asset market.
On Sunday, Zhao “CZ” Changpeng, the billionaire chief executive of Binance Holdings took to Twitter to announce plans to sell Binance’s roughly US$530 million holding of FTT, the native token of Sam Bankman-Fried’s FTX. Binance and FTX run the world’s largest and seventh-largest crypto exchanges.
