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Fear for FTX: What sparked the fear of bankruptcy?

The CEO of Binance on Sunday tweeted that it will sell the remaining FTT tokens held on its books that it obtained as good exit capital from the Alameda company last year.

Binance CEO Changpeng "CZ" Zhao did not say how many FTTs he will sell, but that as part of the cryptocurrency exchange's exit from FTX equity last year, Binance received about $2.1 billion in the form of BUSD (Binance's stablecoin) and FTTs.

In its initial tweet, CZ said that the sale of Binance would be executed in a way to "minimize the impact on the market" and that it could take "a few months to complete."

The Etherscan blockchain scanner showed an address that moved 23 million FTTs (worth about $530 million) to aBinance wallet Saturday afternoon.


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