A staggering amount of SHIB was moved from FTX as part of its “war” against Binance

In the past 24 hours, Shiba Inu whales have transferred nearly 1.5 trillion SHIB. The majority was transferred from FTX to Binance.

Meanwhile, the price of the asset has dropped about 8% in the last 24 hours.

1 trillion SHIB moved from FTX before withdrawals were limited.

Data shared by Etherscan shows that three Shiba Inu transactions were made by anonymous wallets. These transfers involved impressive amounts of 502,385,000,000, 183,243,945,997 and 108,280,591,660 meme coins – 794 billion in total.

This is equivalent to $8,741,940 in Fiat. A total of 502.3 billion SHIB were transferred from a wallet on the FTX market to the following address “0x12da64f9c7b4e9a73f9e177cd18c40cf307306f4“. This portfolio now contains 1 002 404 900 000 Shiba Inu.

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The details of the portfolio show that all of these meme coins were withdrawn from FTX in two times 500 billion each, as if the owner feared something would happen to the FTX exchange and the assets it stores on behalf of its customers.

Just recently, FTX limited withdrawals to $1,000, which might suggest that the exchange has become insolvent.

A total of 183,243,945,997 SHIB was moved from Coinbase to an anonymous wallet. The amount of 108,280,591,660 SHIBA INU was moved from one anonymous wallet to another, according to Etherscan data.

Image via Etherscan

Binance sells its FTTs, FTX fights back

The conflict between the two largest crypto platforms in the space – FTX and Binance – has intensified. Changpeng Zhao announced that Binance was selling all of its holdings in FTX due to “recent revelations“and because Changpeng Zhao does not want to support”people who lobby against other industry players.

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This provoked an aggressive response from FTX’s billionaire founder Sam Bankman-Fried and the exchange’s co-founder Ryan Salame. A massive sale of FTT by Binance began after concerns that Alameda Research, a large FTX-owned trading firm, was facing financial problems.

However, the company’s chief executive, Caroline Ellison, said the company had sufficient funds on its balance sheet and even offered to buy the FTT that Binance is selling.

Currently, the FTX token is posting a massive 21.56% drop, trading at $17.81, according to CoinMarketCap. Bitcoin has fallen back below $20,000 as the battle between the two largest exchanges in the crypto space affects the entire industry.

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