There has been another expected development today about FTX, which has turned the crypto money world upside down in recent days and went bankrupt when it was one of the largest stock exchanges in the world. The largest exchange, Binance, announced that they have stopped the investment transactions of FTX exchange’s own token, FTT.
The announcement was made directly by Binance CEO and founder CZ (Changpeng Zhao). In his statement, Zhao called on other cryptocurrency exchanges to take the same precaution. CZ’s statement was as follows:
FTT statement from Binance CEO:
“Binance has discontinued FTT investments to avoid questionable potential for additional supply affecting the market. We will monitor the situation. Also, to be safe, encourage other exchanges to do the same. Let’s not have another GALA.”
“FTT contract distributors moved the entire remaining supply of FTT worth $400 million. It needs to be unlocked in bulk. I’m not quite sure what’s going on.”
“If an exchange has to move large amounts of crypto before or after revealing wallet addresses, that’s a clear sign of trouble. Stay away.”
Another move came from FTX sponsors:
NBA team Miami Heat and Formula 1 team Mercedes-AMG PETRONAS have terminated their sponsorship agreements with FTX. While Mercedes removed the FTX logos on Formula 1 cars, Formula 1 management started to work on removing the advertisements placed on the tracks.
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