The tension between Binance and FTX, one of the largest cryptocurrency exchanges, continues with the participation of other branch players. The market is worried when Binance CEO Changpeng Zhao announced his decision to sell FTT in the form of “We learned our lesson from Terra (LUNA)”. Meanwhile, Star Xu, CEO of OKX, another cryptocurrency exchange, shared his opinions on the bet. Here are the details…
OKX CEO: Second LUNA event benefits no one
Koindeks.com As we have also reported, the tension between FTX and Binance continues. As this tension causes uncertainty in the market, it is determined by the decrease in prices. Some investors in the market are pulling their money out of the market as there are currently unpredictable situations. Meanwhile, Star Xu, the founder of another cryptocurrency exchange, OKX, shared his thoughts on betting.
Xu thinks that if FTX’s FTT token becomes the second LUNA, no one will benefit, including Binance. According to Xu, experiencing such an event leads to the loss of faith in the branch. Therefore, Xu hopes that Changpeng Zhao will drop the idea of selling FTT and FTX CEO Sam Bankman Fried (SBF) will consider reconciliation.
Latest situation in FTX and Binance tension: Coin prices are falling
FTX’s FTT token lost nearly 30 percent of its value within 24 hours after 1.9 million FTT tokens, which cost around $44 million, were moved from Genesis to FTX on November 8. Speculations pointed to Binance. However, the CEO of the exchange, CZ, denied that he sold the exchange’s FTT. FTT mostly traded around $22 in the past day. However, the asset experienced a lot of volatility in the early trading hours of November 8. It lowered its cost to $15.56.
Reports from Lookonchain and Peckshield identified several whale processes that could affect the cost of FTT. Lookonchain stated that a whale transferred 272,516 FTT ($6 million) to Binance and 45,000 FTT ($1 million) to FTX. According to the platform, the whale would have been selling at a loss of $6 million in case of sale, as the average purchase price was $41.
In the middle, Peckshield reports that over 13 million FTT tokens have been transferred from FTX to new wallets. One of the processes involved the transfer of 10 million FTT ($166.5 million) from the exchange’s wallet to 0xc…cb6. The address in question is currently the fourth largest owner of FTT. Binance’s native token, BNB, also saw a slight sell-off, dropping 8 percent to $315. The token has slowly recovered to $326 as of writing. Meanwhile, Lookonchain identified three dormant addresses selling $89.5 million of BNB assets.