Honestly, I do not know how to feel about this situation between the CEO of FTX Sam Bankman-Fried, his other company Alameda Research and the FTX native token being dumped by the CEO of the largest crypto exchange by daily trading volume Binance CZ, because I like and admire both of them and their success of years, especially CZ_Binance, that I wonder how rich he is for owning Binance and also for all the Big flex he has flexed in the crypto space and off the crypto space, he has set up over $500 million to help out or support Bitcoin miners in this period of the prolonged Bear market, also I read he contributed $500 million to Elon Musk for the Twitter buying deal, I forget to add that is was after Binance was hacked for over half a billion dollars that he set up the funds to help Bitcoin miners.
I digressed a bit there but in just two days of the ongoing feud between CZ and Sam Bankman-Fried, FTT which is the native token for FTX has dropped in value and the amount of Ethereum held in FTX's main wallet has dropped from 322k to 32k and that is a lot, over 280k has been dropped which is worth over $455 million with the current price of Ethereum at $1,570. At one point, the FTX main wallet was bleeding 500 $ETH per minute. A new report I read stated that FTX exchange stablecoin reserves are down 93% in 2 weeks but I can not confirm that for sure though, and also the hourly Ethereum withdrawals have hit an all-time high.
Based on these facts I pointed out earlier, a lot of people believe and see it as a competitor in this case Binance is trying to bring down its rival FTX. Saying things like **Never let your competitor hold shares in your company, they will find an opportunity or opportunities to use it against you. "Do you believe that is was is happening here? because I do not and according to CZ he dumped the 22,999,999 FTT tokens worth 584.8 million dollars as post-exit risk management, learning from LUNA's mistake and the chaos LUNA caused in the crypto space, he also added that his company is not against anyone. But they won't support people who lobby against other industry players behind their backs. Onwards.
So I ask again is Sam Bankman-Fried reaching out to CZ to work together for the Crypto Ecosystem, for the Greater Good or he's Scared?
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