FTX insolvency rumor

Update 2: Binance CEO, CZ, confirmed that they are exiting FTT as a risk management learned from LUNA, and their retaliation towards SBF's anti-crypto lobbying.

Update: Alameda Research CEO, Caroline, tweeted that they are properly hedged and the reported balance sheet is incomplete.

https://twitter.com/DU09BTC/status/1589135270103773184

There is rumor going on regarding the inflated valuation of FTT and a possible insolvency at FTX.

A wallet, believed to be Binance, has moved $500+ mil worth of FTT tokens, which could lead to a dump.

This is also incredibly timely in the current order of events:

1. SBF has been lobbying for anti-DeFi, using extremely anti-crypto words in the documents.
2. FTX recorded largest BTC shorts liquidation (even bigger than Binance).
3. CoinDesk reported that Alameda Research (SBF's trading firm) balance sheet was found to hold a huge amount of FTT (magic printed money) as collateral.
4. SBF has been pushing for FTT longs last week.

SBF may have been short-squeezed which leaves him vulnerable to a coordinated attack on FTT and FTX now. It's unconfirmed at this point, but do not disregard this as just FUD.

Not your keys not your crypto!