FTX Vs ByBit: Proof of Alameda Research Holding 100 Million BIT

FTX Vs ByBit News Updates: After crypto exchange Bybit blamed Alameda Research of dumping BIT tokens, there is some proof of the existing holdings. Following Bybit co-founder Ben Zhou comments on the Alameda Research situation, the BitDAO community issued an emergency proposal. The community asked Alameda Research to share on-chain address of BIT tokens it stored as per the agreement. Meanwhile, on chain data indicates some proof about the Alameda Research BIT token holdings.

ByBit Drama Unfolds After FTX Vs Binance Spat

The whole episode unfolded after Binance chief executive officer CZ announced the decision to sell off the remaining FTX (FTT) token holdings. The debate began when Whale Alerts raised doubts over the transfer of $584 million worth of FTT token to Binance exchange. CZ was quick to acknowledge that the transfer belonged to his exchange. Although he maintained that it was not intended to cause damage to Sam Bankman-Fried‘s FTX, damage was already done. The FTX (FTT) token price fell sharply after the Binance announcement as the crypto ecosystem debated if FTX was heading towards insolvency.

In this context, a Pechshield Alert shows that Alameda is sticking to the agreement with BitDAO. Currently Alameda Research holds around 100 million BIT tokens, it indicated.

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

Proof Of BitDAO (BIT) Holdings

As of writing, FTX Token (FTT) price stands at $17.05, down 24.06% in the last 24 hours, according to price tracking platform CoinMarketCap. Also, the BitDAO (BIT) token price stands at $0.391, down around 4% in the last 24 hours. At one stage on Tuesday, the BIT token fell sharply by over 20% but it recovered in short time.

Earlier, Alameda Research CEO Caroline Ellison said that the firm was not behind the BIT dump. Ellison said she would share the proof of BIT holdings with Bybit co-founder Ben Zhou. The Bitdao community also questioned the sudden dump of $BIT token, It accused Alameda Research of dumping and breaching the three-year no sale commitment. On Monday, Sam Bankman-Fried stated that deposits and withdrawals are working fine, in an effort to clear speculation on FTX’s liquidity issues. All processes including the matching engine are working smoothly, FTX said.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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