What You Need to Know About Exchange Tokens After FTX's FTT Meltdown

From decrypt.co

It was the shot heard ‘round the crypto world. On November 6, 2022, Changpeng "CZ" Zhao, CEO of the world's largest cryptocurrency exchange Binance, said his company would move to liquidate its holdings of FTT, the native token of rival exchange FTX.His announcement triggered an FTT selloff, bringing a top-five crypto exchange to its knees. FTX experienced a bank-run moment, with $5 billion worth of customer funds withdrawn in one day and didn't have the liquidity to cover. In the aftermath of FTX's meltdown, reporting has revealed just how much FTX and CEO Sam Bankman-Fried's hedge fund Alameda were using FTT ... (full story)