Binance vs FTX drama: Alameda launches the fightback

Binance vs FTX drama: Alameda launches the fightback

Discord Tokens – The revelations about the significant quantities of FTX Token (FTT) owned by Alameda Research provoked a cascade of reactions from major crypto players. FTX does not intend to let it go.

FTT at Alameda Research: an incomplete assessment

On November 2, the media CoinDesk has demonstrated the close link that unites the two companies of Sam Bankman-Fried, by evoking the existence of a significant amount of FTTthe exchange token that FTX issues on the balance sheet of trading firm Alameda Research.

According to a financial document that CoinDesk reportedly viewed, the company’s assets as of June 30 of this year would consist of $3.66 billion in “unlocked FTT”, out of a total of $14.6 billion. Liabilities would show $292 million of FTT, out of a total of $8 billion.

Four days later, in a November 6 tweet, Alameda Research CEO Caroline Ellison reacted to the publication of these figures, indicating that this balance sheet would concern “only a subset of our legal entities”. Thus, more than $10 billion of the trading company’s assets would not be included.

FTX executives react on twitter

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Binance and FTX: a respectful conflict between two giants?

Caroline Ellison’s statements do not seem to have convinced Binance CEO Changpeng Zhao, who indicated that his company will liquidate all its holdings in FTTgiven these revelations.

Changpeng Zhao pointed out that “as part of Binance’s exit from FTX capital last year,” his company received around $2.1 billion in BUSD and in FTT. This liquidation should be spread over a few months, in order to minimize “the impact on the market”.

Publication by Changpeng Zhao – Source: Twitter

Despite these announcements, Changpeng Zhao and Sam Bankman-Fried tried to defuse this delicate situation, indicating their respect for each other. The first affirmed that it was not about “an action against a competitor”. The second wished “the best” to all the players who are driving the crypto industry forward, “including CZ”.

These numbers on the amount of FTT in Alameda Research’s balance sheet mostly revealed the growing tensions between FTX and Binance. Despite the crypto winter, 2022 will have been profitable to Sam Bankman-Fried’s cryptocurrency exchange. Beyond exchanges that want to be courteous, is the cryptosphere big enough for these two giants?

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