CZ dumping FTT

[o48o]

I am sensing that something is up, CZ just told everyone that they will be dumping their FTT tokens





It might be nothing and totally normal but i find the wording a little concerning. "Risk management" and "learning from luna". At least they are transparent of it, probably required by lawyers to be transparent but still i find this unusual.

I have been in crypto scene for a long time and i really do get paranoid every time something unusual happens that involves some CEX. I do trust FTX and use it a lot but something tells me that i shouldn't keep money in there right now. At least for a while. This is not fud at all, i am just concerned user and would like to see FTT rise and FTX blossom.

So how do you see this affecting the ftt price?

[decodx]

"But we won't support people who lobby against other industry players behind their backs."

Who knows what he means by this? Maybe someone can shed some light on this for me.

[o48o]

"But we won't support people who lobby against other industry players behind their backs."

Who knows what he means by this? Maybe someone can shed some light on this for me.

Yeah, it has passive-aggressive tone. My guess is that something happened behind the curtain and now they want nothing to do with them. Cleaning the house fits in it.


I seriously hope this is just about FTX fudding Binance behind their back, because other reasons like problems inside FTX are way more troubling.

[blockman]

We'll see if FTX will mitigate this dump that CZ is planning to do. It's said that there's not that much volume to cover the dumping of the tokens he has received and that's why it will take time until we see the huge impact of it.
It's obvious that there's a competitive reason why CZ is about to do this, he has to make known of those competitors in the market and he have to do what it takes for his business to stand out, Binance and its native coin, BNB.

[Jaered]

This exact stuff is the reason centralization is bad. CZ just wants to flex his muscles because FTX is emerging as a big contender and competitor in the big crypto cake. However, this is also why monopoly is bad. I think FTX would bounce back and come out and bite CZ in the ass. Friedman would make FTX bigger than Binance, Mark my words

[o48o]

This exact stuff is the reason centralization is bad. CZ just wants to flex his muscles because FTX is emerging as a big contender and competitor in the big crypto cake. However, this is also why monopoly is bad. I think FTX would bounce back and come out and bite CZ in the ass. Friedman would make FTX bigger than Binance, Mark my words

I sure hope so but i wouldn't bet on that. I got my money out but things are getting heated as everyone started to withdraw their money:



One could make money of the ftt dip if this panic escalates, and i suppose many people are doing that and have shorted FTT.
Personally i am too afraid to gamble with that but i will definitely buy it if it drops enough. Things can't be that bad behind the curtain.
I am pretty sure this is fud and panic withdrawals are creating a chaos.

A Reddit thread about this
And another one

Oh boy here we go. Totally missed out this: https://twitter.com/SBF_ucker/status/1589358295395237888

[5W-KILO]

"But we won't support people who lobby against other industry players behind their backs."

Who knows what he means by this? Maybe someone can shed some light on this for me.

Do you have to know? CZ wants the best for crypto space, if he noticed something wrong then something is definitely wrong, he is not someone anyone should doubt because Luna crash must have affected the exchange as well, if this is going to avoid another Luna crash part two then CZ is doing the right thing.

[Baofeng]

CZ is probably washing his hands if ever FTT or FTX failed (or has it, as the price goes down hard).

So it's him doing some damage control, but it seems his tweets has some negative effects that has really contributed to the demise of the project.

Maybe he just wanted to warn the public, for sure though, this kind of tweet of CZ has somewhat put the damp on the whole crypto, bitcoin goes below $21k already.

[o48o]

-cut- CZ wants the best for crypto space -cut-

I also support CZ in this situation, he always wants the best for the market and maybe he disagrees with what FTX and alameda have done in the past. Alameda is notorious for playing dirty with projects, devaluing the projects then trying to buy them back cheaply and this time paying for their manipulation.

I can't really take sides on this as i don't know what's happened behind the curtains for CZ to do this.
He must have known it would wreak havoc inside FTX community if he said anything about the exit, so one could only speculate why he chose to be "transparent" and and the same time hinting wrongdoing from FTX crew. That doesn't sound something that's bringing people together. In fact it divides people to camps.

So either it was for revenge fud or he noticed something shady happening inside FTX. In both cases he wouldn't be wanting what's best for crypto space.
If he wanted what's best for crypto space he would be silent on this or if he got problematic data about FTX, that means he knows something but wants to secure his millions before revealing the reason. Which is understandable.

But now someone (Probably Sam) is rugging BTC as response, things are not looking good

[abel1337]

I'm pretty sure that there was a back story behind this. I'm speculating that that there might be a failed deal or it's just CZ is avoiding a project catastrophe just like what happened to Luna. There's also a possibility that CZ just want to get rid of his competitor. I see that price value FTX didn't suffer that much from the announcement of CZ but surely the trust of people who believes on CZ or the people who invest on FTX because of CZ will lose their trust to FTX. There so much details we don't know yet but for know I will personally move out from FTX.

[shinratensei_]

I'm pretty sure that there was a back story behind this. I'm speculating that that there might be a failed deal or it's just CZ is avoiding a project catastrophe just like what happened to Luna. There's also a possibility that CZ just want to get rid of his competitor. I see that price value FTX didn't suffer that much from the announcement of CZ but surely the trust of people who believes on CZ or the people who invest on FTX because of CZ will lose their trust to FTX. There so much details we don't know yet but for know I will personally move out from FTX.

Right, CZ didn't agree with SBF that proposes a sanction for the defi while i have no idea why SBF was doing it just like so many portfolios owned by alameda research under FTX mostly came from the defi and blockchain protocol. Sanctioning defi meant the blockchain will be affected as well.

I see no competition between both but SBF is starting to be involved in US politics. He was donating so much money to democrats and republicans.

https://cryptoslate.com/sbf-reveals-he-donated-to-republicans-democrats-as-lobbying-by-crypto-firms-continues-ahead-of-the-midterms/

I would like to see SBF still remain neutral rather than doing a bad thing like joining in the politician's ecosystem.

[OgNasty]

There are several threads going about this right now but I think nobody is quite sure what exactly happened between Sam and CZ that seems to have turned them against each other. My take on the situation is that where there’s smoke there is fire. Regardless if FTX will be fine or not, so long as these destructive rumors are out there (about insolvency) I wouldn’t want to be a holder of FTT or have funds parked in FTX.

[hugeblack]

FTX must do everything to ensure the continuity of liquidity, otherwise any event may lose confidence, which means that more liquidity will be withdrawn from the market.
Personally, I believe that the problem will not be as harmful as Luna, but all things are possible if the financial position of that platform is very bad.

Let's not forget that the crypto winter continues.

[o48o]

There are several threads going about this right now but I think nobody is quite sure what exactly happened between Sam and CZ that seems to have turned them against each other. My take on the situation is that where there’s smoke there is fire. Regardless if FTX will be fine or not, so long as these destructive rumors are out there (about insolvency) I wouldn’t want to be a holder of FTT or have funds parked in FTX.

Yup, one thing that has become obvious to me is that i can't just wait, see and hodl while something like this is going on. I've learned that it's better to act sooner then later during FUD, no matter if there's truth behind the fear, because others will. My support to FTT is that i won't be shorting it and making money. I just sold it and that's enough for me.

But now it seems that people are getting their money out. That would mean FTX is not insolvent and everything is probably going to be ok. Well there's still going to be sell pressure from CZ so FTT price might not be as good, but i was more worried about the whole exchange

[ScamViruS]

Do you have to know? CZ wants the best for crypto space, if he noticed something wrong then something is definitely wrong, he is not someone anyone should doubt because Luna crash must have affected the exchange as well, if this is going to avoid another Luna crash part two then CZ is doing the right thing.

CZ wants to save the market from crashing with the announcement of selling such a large amount of FTT tokens, are you really thinking? I think CZ has a conflict with Sam about something, which is why CZ wants to not be involved in this project in any way. And tried to out the competitor by creating this FUD. So I think business and personal matters are very closely intertwined here.

[o48o]

cz is a fucking liar .
only spreading FUD and fake news .
SEC will sue binance soon .

That doesn't make any sense and i can't imagine that i would get a sensible answer to this but as you are throwing accusations i must ask:

When no one can even figure out what he was saying, then what was he lying about?
He haven't even hinted about any insolvency, that rumour came from somewhere else, and looks like it has no basis.

Was he lying about slowly getting rid of their own FTT bag? Now why would he lie about that then?

[SUNNY F]

Is this the result of a long-planned plan? This is the result of weighing the pros and cons. CZ has a limited pattern, but there are not many people who have reached this level who are not ruthless and full of blood. The market is like this, A and B It is C who is injured in the fight, and C is mostly retail investors in most cases.

[o48o]

Is this the result of a long-planned plan? This is the result of weighing the pros and cons. CZ has a limited pattern, but there are not many people who have reached this level who are not ruthless and full of blood. The market is like this, A and B It is C who is injured in the fight, and C is mostly retail investors in most cases.

Things have been hectic, withdrawals rejected and huge panic in the market. Next bail-out by binance and now they are going to aquire the whole FTX. I didn't see this coming, although it was probably the whole plan from the start.
https://twitter.com/cz_binance/status/1590013613586411520

This wasn't a fight, this was a giant takeover. Something tells me that FTX token would be interesting bet to buy now, as no one knows what are plans for it next. Anyway.
Fud about this is totally over.

Edit (CZ explains his reasoning for the tweet): https://twitter.com/cz_binance/status/1589695556909424640

[decodx]

Is this the result of a long-planned plan? This is the result of weighing the pros and cons. CZ has a limited pattern, but there are not many people who have reached this level who are not ruthless and full of blood. The market is like this, A and B It is C who is injured in the fight, and C is mostly retail investors in most cases.

Things have been hectic, withdrawals rejected and huge panic in the market. Next bail-out by binance and now they are going to aquire the whole FTX. I didn't see this coming, although it was probably the whole plan from the start.
https://twitter.com/cz_binance/status/1590013613586411520

I'm not sure if this was planned from the beginning, but we may never know.

Here's a nice summary of how it all went wrong for SBF and FTX:
https://twitter.com/milesdeutscher/status/1589631447517655040

By the way, I don't think it's all over yet.

[Silberman]

I am sensing that something is up, CZ just told everyone that they will be dumping their FTT tokens


It might be nothing and totally normal but i find the wording a little concerning. "Risk management" and "learning from luna". At least they are transparent of it, probably required by lawyers to be transparent but still i find this unusual.

I have been in crypto scene for a long time and i really do get paranoid every time something unusual happens that involves some CEX. I do trust FTX and use it a lot but something tells me that i shouldn't keep money in there right now. At least for a while. This is not fud at all, i am just concerned user and would like to see FTT rise and FTX blossom.

So how do you see this affecting the ftt price?

At least the way I am reading those tweets is that CZ suspects that FTX has been trying to go against him behind closed doors and he considers the move was unethical, and instead of trying to do the same they are making a huge movement in the open for everyone to see, and even if he claims that this is not a move against FTX it should be clear that it is, I just hope that the majority of the people can save themselves as the FTT token has collapsed overnight, and it is likely we are going to see another scenario like the one we saw with Luna months ago.