5 months ago 2 min read

Crypto Exchange Drama, FTX Versus ByBit: Alameda Research's 100 Million BIT Possession Verified


There is some evidence of the existing holdings when cryptocurrency exchange ByBit accused Alameda Research of dumping BIT coins. Following co-founder of ByBit Ben Zhou's remarks on the Alameda Research predicament, the BitDAO community put up an urgent request. The neighborhood requested that Alameda Research divulge the on-chain address of the BIT tokens it had agreed to hold. In the meanwhile, on-chain data provides some evidence regarding the BIT token holdings of Alameda Research.

After Binance CEO CZ made the decision to sell off the remaining FTX (FTT) token holdings, the entire incident started to play out. When Whale Alerts questioned the transfer of $584 million worth of FTT token to Binance exchange, the discussion got started. CZ acknowledged the transfer belonged to his exchange without hesitation. He insisted that Sam Bankman-FTX Fried's wasn't intended to be damaged, but harm had already been done. Following the Binance news, the FTX (FTT) token price plummeted as the crypto community discussed if FTX was in danger of going bankrupt.

A Pechshield Alert in this situation demonstrates Alameda's adherence to the terms of the deal with BitDAO. Alameda Research said it now possesses almost 100 million BIT tokens.

“Alameda Research currently holds ~100 million $BIT (~$39.6 million).”

BitDAO (BIT) Holdings Evidence

As of this writing, the price of FTX Token (FTT) is $17.3, down 24.06% in the previous day, according to market monitoring site CoinMarketCap. The price of the BitDAO (BIT) token is currently $0.391, down almost 4% over the past 24 hours. The BIT token dropped by almost 20% at one point on Tuesday, but it quickly recovered.

Earlier, Caroline Ellison, CEO of Alameda Research, claimed that her company was not responsible for the BIT dump. Ben Zhou, the co-founder of Bybit, will receive the documentation of BIT holdings, according to Ellison. The Bitdao community also questioned the abrupt selling of $BIT tokens, accusing Alameda Research of violating the three-year no sale agreement and dumping the tokens. In an effort to put to rest rumors about FTX's liquidity problems, Sam Bankman-Fried said on Monday that deposits and withdrawals are operating normally. According to FTX, all operations, including the matching engine, are running without a hitch.

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