Binance CEO not interested in Alameda’s offer to buy up its FTT holdings

CZ signaled that he isn’t interested in an offer from Alameda to buy out Binance’s FTX Tokens saying they’d rather “stay in the free market.”

Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance, appears disinterested in Alameda Research’s offer to buy out the crypto exchange’s FTX Token (FTT) holdings.

Zhao responded to a question on Nov. 7 on Twitter asking if he would take up the offer by Alameda Research CEO Caroline Ellison to buy Binance’s FTT holdings for $22 per token. Zhao said: “I think we will stay in the free market.”

The offer from Ellison came after Zhao said Binance would be liquidating its FTT position due to “post-exit risk management” as part of “learning from LUNA,” on Nov. 6.

At the time, Zhao said he would try to sell the tokens in a way that “minimizes market impact” and said the token sales would take “a few months to complete” due to it holding around $2.1 billion United States dollar equivalent in the exchange’s stablecoin Binance USD (BUSD) and FTT.

Binance declined to comment on the matter. 

Related: SBF has been a ‘significant donor’ in the US midterm elections

Meanwhile, there have been concerns that rumors around Alameda’s finances, Binance’s impending FTT liquidation and Zhao’s comments could be the possible catalyst for major withdrawals from FTX, with reported data from Nansen showing $451 million worth of stablecoins leaving the exchange.

Users took to Twitter on Nov. 7 complaining of long wait times with FTX addressing the complaints, assuring users everything was running smoothly.

Bankman-Fried also pointed the finger at an unnamed “competitor” on Nov. 7, saying “a competitor is trying to go after the cryptocurrency exchange with false rumors.”

Zhao has reiterated that he’s not in a “fight” with FTX or Bankman-Fried, tweeting on Nov. 7, “I spend my energy building, not fighting” and attempted to dispel what he called “conspiracy theories” that he “somehow orchestrated this whole thing.”

Analysis by Cointelegraph on Nov. 7 pointed to a bearish pattern that could see FTT sink by 30% and early on Nov. 8, the FTT price dove to around $15.40 from $22 and is currently down 29.5% in 24 hours at the time of writing.

Related Posts

Ripple to tackle $9-trillion dollar market and could serve 50% of world’s population

Ripple is confident that its XRP Ledger is capable enough to handle stablecoins and CBDCs for billions of people across the world. Ripple said that central banks…

Report: AAX Users Storm Crypto Exchange’s Nigerian Offices, Attack Employees

Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed its offices in Lagos and began assaulting employees. Reports that disgruntled AAX…

Polygon partners with Walmart and industry giant Flipkart from India – Will MATIC price rise to $50?

Ethereum layer 2 scaling protocol Polygon enters partnership with Walmart-associated Indian e-commerce marketplace Flipkart  Polygon’s multiple recent partnerships has been boosting the price of MATIC Flipkart, one…

Mysterious Bitcoin miner shows off oldest signature dated Jan. 2009

Answering the question ‘Who has/had the oldest mined Bitcoin?’ an anonymous member shared a signature dating back to January 2009, just a week after Bitcoin came into…

Demand for Cryptocurrency Miners Rises in Russia Amid Low Prices of Hardware

Russia’s market for specialized crypto mining equipment has been seeing high demand over the past couple of months, with buyers attracted by the low price tags. Russian…

How NFTs Can Shape the Future of Music

When people hear of NFTs, the first thing they think of is beautiful but quirky digital images. But those images are only one kind of NFT. NFTs…

Generated by Feedzy