While the price of BitDAO (BIT) has fallen by more than 20%, the community accuses Alameda Research of having got rid of its BIT tokens, despite a promise not to sell them for a period of 3 years. BitDAO is threatening to sell FTT for $60 million in return.
Nearly $60 million in FTT at risk
Early in the morning, the price of the FTT token of the FTX exchange plummeted by 25% in the space of a few minutes. The entire cryptocurrency market followed the fall, but one asset in particular caught the eye: BitDAO’s BITwhose course fell more than 20%.
Indeed, as indicated by the CEO of Bybit on Twitter, it would seem that this fall is closely linked to the case which currently affects Alameda Research and more generally FTX. According to the BitDAO community, Alameda allegedly sold BIT tokens it held, despite a promise not to touch it for a minimum of 3 years.
Bitdao community is questioning the sudden dump of $bit token caused by Alameda dumping and breaching the 3 yr mutual no sale public commitment. Nothing is confirmed but bitdao community would like to confirm a proof of fund from Alameda. https://t.co/YassKhcdPt
— Ben Zhou (@benbybit) November 8, 2022
To place the decorations, on October 30, 2021, Alameda has converted 1% of its cash into BIT tokens. This represented an exchange of 3.36 million FTT tokens for 100 million BIT tokens between the two entities. In addition, they agreed on a sales ban for 3 years.
For its part, BitDAO has made public the addresses on which the FTT tokens are held. In exchange, she asked Alameda to transfer the 100 million BIT tokens on an on-chain address, in order to verify that the company continues to honor the agreement. This has 24 hours to complete.
If the request is not followed by facts, BitDAO threatens to propose a vote to its community to decide the future of the 3.36 million FTT that she holds. At the moment, these are valued at almost $60 million and could drag the asset a little further into the abyss.
This article will be updated throughout the day if new information comes to light.
👉 To find out, here is a complete summary of the case between the FTX and Binance platforms.
Source: BitDAO Proposal
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Lilian Aliaga
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