Binance: Changpeng Zhao wants to cause the fall and bankruptcy of FTX!

The crisis around FTX and its underlying token, FTT, is intensifying in the crypto-currency community as the trading activity of one of the world’s leading exchanges looks even more suspicious than it did a few days ago.

According to Binance CEO Changpeng Zhao, they have obtained $2.1 billion in BUSD and FTT tokens from their early investment in FTX. As a result of SBF’s immoral practices, they intend to sell their digital holdings. Within one to two months, they intend to disperse assets valued at $600 million on the open market.

Changpeng Zhao’s plan is particularly violent

Despite Changpeng Zhao’s claims, the move against the Bankman-Fried-led FTX is considered part of a “Bank Run,” which occurs when many customers withdraw their money from a financial institution, ultimately causing its failure. The plan is working so far.

According to Dune Analytics data, FTX’s 24-hour NetFlow is negative. In other words, there are more tokens withdrawn than deposited. The net flow on the platform was negative $26 million.

USDC stablecoin dominated the netflow, as shown in the chart below. With the insolvency rumors, this metric began to slide downward. Over longer periods of time, Bank Run is getting worse, with FTX recording weekly netflows of -$86 million and 30-day netflows of -$230 million.

Sam Bankman-Fried clears the air

Sam Bankman-Fried responded to recent events on Twitter and claimed that a rival is trying to discredit them with “false rumors“. The boss reassured his followers that FTX is “well” and solvent in this regard. Bankman-Fried wrote:

FTX has enough to cover all client assets. We do not invest customer assets (even in Treasuries). We have processed all withdrawals, and will continue to do so. It’s very regulated, although it slows us down. We have GAAP audits, with a cash surplus of over $1 billion. We have a long history of protecting customer assets, and that remains true today.