Binance
Binance to liquidate its entire FTX Token holdings when ‘recent revelations’
Binance CEO Changpeng Zhao cited “recent revelations” as the reason for the liquidation, noting the sale of its tokens may take months to complete thanks to the scale of its position.
The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, same his company can liquidate the whole thing of its position in FTX Token FTT tickers down $22.46, the native token of competitory exchange FTX.
In a Nov. 6 tweet, Zhao said the choice was created when “recent revelations have come to light.”
In a later tweet, CZ explained the FTT liquidation was “just post-exit risk management,” pertaining to lessons learned from the autumn of Terra’s Luna Classic (LUNC) and the way it compact market players.
He additionally added “we won’t support those that lobby against different business players behind their backs.”
Liquidating our FTT is simply post-exit risk management, learning from Luna. we tend to give support before, however we can’t faux to create love when divorce. we tend to not be against anyone. However, we can’t support those that lobby against different business players behind their backs. Onwards.
— CZ Binance (@cz_binance) November 6, 2022
Cointelegraph understands that Binance’s call to liquidate the token is thanks to reports encompassing a recently leaked record from SAM Bankman-Fried-founded Alameda analysis, that alleges billions of dollars value of Alameda’s assets area unit affianced in FTX’s token.
Alameda analysis chief executive officer King of England Ellison, in a Nov. 6 tweet, however, sam the record wasn’t reflective of truth story, noting that the sheet in question is barely for “a set of our company entities” and different assets value over $10 billion “aren’t mirrored there.”
– the Balance Sheet breaks out a number of of our biggest long positions; we tend to clearly have hedges that aren’t listed
– given the alteration within the crypto credit area this year we’ve came most of our loans by currently
— King of England (@carolinecapital) November 6, 2022
Bankman-Fried backed Ellison’s claim in an exceedingly tweet, speech a “bunch of unwarranted rumors are current.”
Cointelegraph contacted Binance for clarification concerning the explanations behind the liquidation, an indication of the fact that the corporation has no more updates “at now.”
Zhao didn’t state what quantity FTT Binance would sell, however disclosed the exchange control around $2.1 billion dollars equivalent in Binance USD (BUSD) — the exchange’s stablecoin — and FTT thanks to its exit from FTX equity last year.
He additional Binance would try and sell the tokens in an exceedingly means that “minimizes market impact” stating he expects the token sales to require “a few months to complete.”
On-chain analysis showed nearly twenty three million FTT, worth around $584 million at the time of writing, transferred from Associate in Nursing unknown case to Binance, that Zhao confirmed as a part of the exchange’s token offloading.
Yes, this is often a part of it. https://t.co/TnMSqRTutr
— CZ Binance (@cz_binance) November 6, 2022
The price of FTT whirled on the series of announcements and, at intervals, a two-hour amount on Nov. 6, spiked the worth from around $23 to $24.50, followed by a crash of over September 11 to $22.28. FTT is down over 4.3% over the last twenty four hours of commerce around $22.50.
The post Binance to liquidate its entire FTX Token holdings when ‘recent revelations’ first appeared on BTC Wires.
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Top global crypto exchange Binance is planning on launching trading support for another new layer-1 altcoin project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 52nd project will be Omni Network (OMNI), a network that aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified network.
Explains the project,
“Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. Omni offers a secure, performant, and globally compatible architecture that presents Ethereum as a single, unified operating system to both users and developers.”
Between April 13th and 17th, Binance users can stake BNB, the crypto exchange platform’s native asset, as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm OMNI tokens.
The exchange then plans to list the asset on April 17th. Binance will attach a seed tag to OMNI, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens.
Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
Last week, Binance Launchpool kicked off support for Saga (SAGA), a layer-1 project that aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
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One of the biggest centralized crypto exchange platforms in the world is planning on delisting a popular privacy-focused altcoin in two European nations in the coming months.
In a new article, crypto exchange Kraken says it’s going to be delisting Monero (XMR), a blockchain focused on anonymity that launched in 2014, from Ireland and Belgium starting in June.
According to Kraken, after June 10th, all remaining XMR on the crypto exchange will be automatically converted into Bitcoin (BTC), the top crypto asset by market cap.
“We will be delisting Monero (XMR) from the Kraken platform, for clients in Ireland and Belgium, on June 10, 2024. As of May 10, 2024 trading and deposits will be halted for XMR.
All margin positions will need to be closed by May 10, 2024 or these positions will be auto-closed. We will halt withdrawals of XMR on Kraken on June 10, 2024. At this time, any remaining XMR balances will be auto-converted into BTC.”
In February, XMR itself was delisted from Binance, the world’s largest crypto exchange platform by volume, and subsequently crashed 32%.
At the time, Binance went on a delisting spree, expelling digital assets such as decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Vaiot (VAI) and enterprise blockchain platform Multichain (MULTI), as well as XMR.
Being delisted earlier this year caused XMR to plunge to $108.80. However, the 57th-ranked digital asset has since recovered and is now trading for $134 at time of writing, a 1.3% gain during the last 24 hours.
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Top global crypto exchange Binance is rolling out support for a new layer-1 crypto project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 51st project will be Saga (SAGA), a web3 platform designed for developers.
Saga aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
Explains the project’s website,
“We are building this by rearchitecting developer and end-user interactions with blockchains. Using shared security, innovations in validator orchestration, and an automated deployment pipeline, Saga makes launching a dedicated blockchain, or Chainlet, as easy as deploying a smart contract.”
Between April 5th and April 9th, Binance users can stake BNB as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm SAGA tokens. The exchange then plans to list the asset on April 9th.
Launchpool will offer 45,000,000 SAGA as token rewards, 4.5% of the asset’s max supply.
Binance will attach a seed tag to SAGA, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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