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Binance To Sell $529 Million of Bankman-Fried’s FTT Token

  • Binance CEO Zhao Changpeng alluded to ‘recent revelations’
  • Alameda offered to buy the coins at a slight discount
Zhao Changpeng

Zhao Changpeng

Photographer: Zed Jameson/Bloomberg

Zhao Changpeng, chief executive of the world’s biggest cryptocurrency exchange Binance, said on Twitter that he has decided to sell all remaining FTT tokens.

FTT is the coin of billionaire Sam Bankman-Fried’s FTX, the rival cryptocurrency exchange that Binance used to hold a minority stake in. When Binance exited that investment last year, it received $2.1 billion in Binance USD and FTT coins, the remainder of which it has decided to unload, Zhao said, citing “recent revelations that came to light.”