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Crypto Exchange FTX’s Token Tumbles Below $22 Barrier Amid Spat

Cryptocurrency exchange FTX’s token has fallen below a level suggested by an affiliate as an offer price, after an increase in withdrawals that was triggered when competitor Binance Holdings Ltd. announced plans to sell all its token. 

On Sunday, Changpeng Zhao, CEO of top crypto exchange Binance, announced plans to sell the bourse’s roughly $530 million holding of FTT, the native token of Sam Bankman-Fried’s FTX. Caroline Ellison, the CEO of Bankman-Fried’s trading house Alameda Research, later offered to buy all of Binance’s FTT tokens at $22.