The crypto exchange FTX, which has now declared bankruptcy, transferred 400 million newly created FTT tokens to a wallet on Saturday night, a value comparable to over $400 million. As of now, the identity of the wallet in question has not been determined. This act has led to a further decline of the overall value of the FTT. It is assumed that the transfer agreement included a payment of 195 million FTT. There were apparently 133 million tokens in circulation at the time.
This information was divulged from the camp of Etherscan. Just over a week ago, it was discovered that FTT had dropped by 13%. Regarding the wallet that the transfer of the FTT was made to, Etherscan has to unravel.
In another scenario, it happened to be the concerned authorities of Bahama who said they had no hand in the ordering of the FTX, with the aim and intention of speeding up the process of making withdrawals from sources related to the customers belonging to Bahama. This was mentioned in order to formally deny this reason to be attributed to the commencement of the withdrawals, as, in their collective opinion, the exchange was trying to make out.
At this point, and as per the data released by the Nansen camp, over $50 million in crypto has been duly taken out of FTX. This has now turned into a situation where there will be more allegations made regarding the wrong intentions of FTX. In order to justify its own stand, however, it remains rigid on the point that it has strictly adhered to the rules and regulations laid down by the Bahamian Headquarters.
FTT was the final straw that broke FTX’s back. According to a CoinDesk story published on November 2nd, FTX sibling business Alameda Research retained over half of its balance sheet in FTT. This was an amount that could not be sold without damaging the value of the token.