A ‘Game of Thrones’ between two of the largest cryptocurrency exchanges by volume — Binance and FTX — has commenced, according to GlobalBlock analyst Marcus Sotiriou.
What Happened: As concerns rise about the health of FTX, Binance CEO Changpeng Zhao said his company will sell all its FTX (FTT) tokens, worth nearly $500 million according to Sotiriou.
The issue at hand is that billions worth of assets of Almeda Research, owned by FTX CEO Sam Bankman-Fried, are linked to FTT.
“In fact, the $5.8 billion of FTT on Alameda’s balance sheet is equal to 193% of the total …
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