In the aftermath of the FTX platform “hack”, 196 million FTT tokens were added to the circulating supply by the FTX deployment contract. No press release from FTX has been published on this subject. As a result, cryptocurrency exchanges Binance and Huobi both shut down FTT deposit.
FTTs out of nowhere
Yesterday Sunday, November 13, the day after the still unsolved “hack” of FTX and FTX.US, 196 million FTT tokens, or 380 million dollars at that time, were added to those already in circulation by the contract deployment of FTX tokens. This constitutes all of the FTT tokens that were supposed to be temporarily maintained in the contract.
🔴 Follow the news of events concerning FTX in real time
A completely abnormal issue of tokens, whether concerning the quantity deployed simultaneously or concerning the date of creation of the latter. Indeed, FTT tokens are normally supposed to be deployed piecemeal at a certain pace, as has been pointed out Changpeng Zhao, CEO of Binance :
FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what’s going on.https://t.co/JBPd02xIRk
— CZ 🔶 Binance (@cz_binance) November 13, 2022
“The FTT Deployment Contract transferred all remaining FTT stock worth $400 million, which is expected to be released in batches. I don’t quite know what’s going on. »
Given the anomalous nature of such a transaction and its possible impact on the market, cryptocurrency exchanges Binance and Huobi have announced that they are stopping FTT deposits on their platform. Changpeng Zhao urged other exchanges to do the same through a since-deleted tweet.
At the time of writing these lines, no press release has been issued by FTX on this subject.
Thus, the supply of FTT tokens in circulation is currently almost 359 million units. FTT is currently trading at $1.5, down from over $22 just a week ago.
👉 In the news: Massive withdrawals on exchanges – Users are fleeing hot wallets
The French unicorn of crypto wallets 🔒
A complete crypto experience, from buying to securing
Source: Etherscan
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
462 items
