Sam Bankman-Fried’s crypto exchange FTX and buying and selling agency Alameda Research are beneath a extreme liquidity crunch. Crypto change Binance is all set to acquire FTX as CEO Chanpeng “CZ” Zhao signed a non-binding LOI to assist with the liquidity crunch. Meanwhile, Alameda is dumping Solana (SOL) tokens to include the autumn of FTX Token (FTT). On-chain knowledge signifies Alameda will likely be dumping many tokens together with Polygon’s MATIC.
Alameda Dumps MATIC After Solana (SOL)
FTX subsidiary Alameda Research began dumping Solana (SOL) tokens after Binance CEO “CZ” announced selling all FTT holdings within the subsequent few months. The transfer triggered an enormous liquidity crunch on FTX as merchants began promoting FTT holdings.
Alameda and different subsidiaries of FTX began transferring Ethereum (ETH) and stablecoins to the crypto change because the ETH reserve falls to its lowest levels since November 2021. Several customers reported pending Bitcoin withdrawals for 5-10 hours. FTT token additionally slumped 20% amid a market-wide selloff.
Alameda began promoting Solana (SOL) tokens to forestall additional fall in FTT token worth. Sam Bankman-Fried had $1.2 billion price of SOL tokens by way of Alameda, now it’s virtually $500 million. SOL price tumbled over 35% within the final 24 hours, making a low of $16.47. The agency will dump extra tokens as 47.28 million SOL tokens to be unlocked in a day, as per Solana Compass.
The crypto buying and selling agency has transferred 2.97 million MATIC tokens price 2.9 million to Binance. Alameda can also dump extra MATIC tokens. Crypto analysts imagine the MATIC worth may drop again to the $0.60 assist stage. Traders must regulate MATIC worth as Alameda’s dump could set off promoting much like Solana.
Alameda has property price $150.53 million in wallets together with stablecoins, ETH, BIT, and FTT tokens. It consists of important quantities of SRM, OP, MATIC, MASK, SAND, and FTM tokens. Thus, these tokens are prone to dump by Alameda.
MATIC Price Falls Below $1
Polygon’s MATIC worth fell beneath $1 resulting from a market-wide selloff. The MATIC worth is buying and selling at $0.91, down over 21% within the final 24 hours. The 24-hour high and low are $0.8837 and $1.23, respectively.
Solana has turn out to be risky as the worth bounced over 10% in an hour. The SOL worth is buying and selling at $19.44.
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