Crypto exchange FTX and trading firm Alameda Research are in dire liquidity straits. Crypto exchange Binance has today expressed its willingness to acquire FTX as CEO Chanpeng “CZ” Zhao signed an LOI to help overcome liquidity problems.
Meanwhile, Alameda has dumped Solana token (SOL) to stem the fall of FTX Token (FTT). On-chain data shows Alameda will dump many tokens including MATIC Polygon.
FTX subsidiary Alameda Research started dumping the Solana (SOL) token after Binance CEO “CZ” announced to sell all FTT holdings in the coming months. The move created a major liquidity problem on FTX as traders began selling FTT holdings.
Alameda and other FTX subsidiaries began transferring Ethereum (ETH) and stablecoins to crypto exchanges as ETH reserves fell to their lowest level since November 2021. Some users also reported Bitcoin withdrawals that were still delayed even after nearly 10 hours. The FTT token has declined over 70% to trade at $4.33.
Alameda started selling Solana (SOL) tokens to prevent further fall in FTT token price. SOL price fell over 31% in the last 24 hours, hitting a low of $19.
The crypto trading firm also transferred 2.97 million MATIC tokens worth 2.9 million to Binance. Alameda may also dump more MATIC tokens. Crypto analysts believe the price of MATIC could drop back to the $0.60 support level. Market players are also paying attention to MATIC prices as Alameda may trigger a similar selloff to Solana.
Alameda has assets worth $150.53 million including stablecoins, ETH, BIT and FTT tokens. At the same time also includes a large number of SRM, OP, MATIC, MASK, SAND and FTM tokens.
MATIC Polygon's price fell below $1 due to a market-wide selloff. MATIC price is trading at $0.93, down over 19% in the last 24 hours.
