The poison of suspicion is terrible in the cryptocurrency industry.
A month after the overnight implosion of the crypto empire of Sam Bankman-Fried, 30, it is another lord of the crypto sphere who is now the subject of the wildest rumors about the solvency of his crypto kingdom.
This is Changpeng Zhao, the founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume. Ironically, it was a tweet from Zhao that sparked the beginning of the end for FTX and its sister company Alameda Research, the two jewels of the Bankman-Fried empire.
On November 6, Zhao announced in a post, on Twitter, that his company had made the decision to sell $530 million worth of FTT coins, a cryptocurrency issued by FTX. Binance had received its coins when the firm sold its stake in FTX in 2021.
In his announcement, he added that the decision to liquidate FTT coins was due to recent revelations which appeared to be about Alameda's balance sheet.
https://www.thestreet.com/investing/cryptocurrency/after-ftx-are-binances-days-numbered