FTT tanks 30% after 1.9M tokens moved to FTX, Binance denies selling

FTX’s FTT token mislaid astir 30% of its worth successful the past 24 hours aft 1.9 cardinal FTT tokens — worthy astir $44 cardinal astatine the clip — were moved from the Genesis over-the-counter (OTC) Desk to FTX connected Nov. 8, according to Wu Blockchain.

FTT abruptly plunged 14% successful 1 hour, and SOL fell 14% successful 24 hours. 1.9 cardinal FTT ($44 million) was transferred from the Genesis OTC Desk to FTX 12 hours ago, but CZ said it was not Binance selling.

— Wu Blockchain (@WuBlockchain) November 8, 2022

Speculation pointed to Binance but the exchange’s CEO Changpeng ‘CZ’ Zhao reportedly denied that the speech has sold its FTT.

FTT had mostly traded for astir $22 connected Nov. 7; however, the plus experienced utmost volatility successful the aboriginal trading hours of Nov. 8, pushing its worth to arsenic debased arsenic $15.56.

FTT whales successful action

Reports from Lookonchain and Peckshield identified respective whale transactions that could person impacted FTT’s value.

Lookonchain stated that a whale transferred 272,516 FTT ($6M) to Binance and 45,000 FTT ($1M) to FTX Exchange. According to the on-chain sleuth, the whale would beryllium selling astatine a $6 cardinal nonaccomplishment arsenic his mean buying terms was $41.

Meanwhile, Peckshield reported that implicit 13 cardinal FTT tokens were transferred from FTX to caller wallets. One of the transactions progressive the transportation of 10M FTT ($166.5M) distant from its genitor institution speech to the code 0xc…cb6-the code is present the 4th largest holder of FTT.

#PeckShieldAlert ~10M $FTT (~$166.5M) has been transferred from FTX speech to the code 0xc…cb6
The code has go the 4th largest $FTT holders pic.twitter.com/lsEJibtFHI

— PeckShieldAlert (@PeckShieldAlert) November 8, 2022

BNB, Solana, and BIT caught successful the crossfire

Binance’s autochthonal token, BNB, besides appeared to person experienced immoderate mild sell-off, falling by astir 8% to $315 during the aboriginal trading hours.

While the token has somewhat recovered to $326 arsenic of property time, Lookonchain identified 3 dormant addresses that sold $89.5 cardinal of their BNB holdings.

In the past 24 hours, Solana (SOL) crashed by 22% to arsenic debased arsenic $25.59. The crypto assemblage speculated that Alameda was dumping SOL to enactment FTT astatine $22.

Not trying to FUD @SBF_FTX and Alameda but erstwhile $SOL takes a 10% dump + different solana coins besides tanking, portion $FTT stays the aforesaid astatine $22, it’s wide who is marketplace selling $SOL and different coins to support $FTT SOL is going overmuch little astatine this complaint of selling pic.twitter.com/HS2fghFug9

— Bobby Apelrod / / nicefeet.sol (@tofushit888) November 8, 2022

Hal Press, the laminitis of a hedge money concern successful cryptocurrencies North Rock Digital, raised questions astir whether Alameda dumped Solana to enactment FTT astatine $22. Press continued that a beneath $22 terms “could trigger immoderate loans they (Alameda) can’t repay.”

Another emblem is Alameda seemingly dumping SOL to enactment FTT astatine 22. Why is 22 truthful important? https://t.co/1JJQAaCRrM

— Hal Press (@NorthRockLP) November 8, 2022

Meanwhile, different crypto token that was caught successful the whirlwind was ByBit’s BIT token. The BIT token plunged astir 20% wrong an hr to $0.307, forcing the BitDAO assemblage to question whether Alameda dumped and breached their 3 years communal no-sale commitment.

busy astatine the infinitesimal but that wasn't us, volition get you impervious of funds erstwhile things calm down

— Caroline (@carolinecapital) November 8, 2022

Alameda CEO Caroline Ellison, however, quelled the rumors stating that the trading steadfast had not sold its BIT holdings.

Nansen CEO Alex Svanevik tweeted that the transaction that took the FTX wallet beneath 100 cardinal BIT was made by the task superior limb of ByBit, Mirana Ventures.

A spot unusual that the transaction that took them beneath 100M BIT really was made by Mirana Ventures – Bybit's ain VC arm. pic.twitter.com/KanHJDfwnP

— Alex Svanevik (@ASvanevik) November 8, 2022

The station FTT tanks 30% aft 1.9M tokens moved to FTX, Binance denies selling appeared archetypal connected CryptoSlate.