Alameda Allays BitDAO’s Fears of 100M BIT Token Dump

In response to a request from BitDAO, principal buying and selling agency Alameda Analysis has supplied proof of funds. The DAO known as for this on Tuesday attributable to considerations that Alameda could have had a hand within the BIT token’s sudden plunge. That is the newest improvement in an ongoing debacle the Sam Bankman-Fried-led agency seems to be twisted up in. 

Alameda and BitDAO Swap Settlement 

In November final yr, BitDAO and Alameda entered an settlement that noticed them alternate 100M BIT tokens and 3362315 FTT tokens respectively. Each events additionally reportedly dedicated to holding one another’s tokens for the following 3 years that’s till November 2024. 

Nevertheless, earlier on Tuesday, the DAO’s native BIT token dropped 20% with little warning falling from $0.41 to $0.30. The destructive motion prompted hypothesis that Alameda could have damaged the settlement. BitDAO’s considerations had been compounded after Igneus Terrenus, Bybit head of comms reported that FTX’s sizzling {wallet} held underneath 100M BIT cash. 

BitDAO Points 1-Day Deadline

Following the plunge, BitDAO submitted a proposal directing Alameda to place down an on-chain deal with for his or her BIT holdings. Ben Zhou, CEO, and co-creator of BitDAO’s mum or dad firm Bybit weighed in on the Alameda debacle in a Twitter post.

Nothing is confirmed however bitdao group want to affirm a proof of fund from Alameda,” he stated.

The proposal additionally included a warning in case Alameda failed to fulfill their request or present an sufficient response. Certainly, the BitDAO group was set to debate and collectively determine on a plan of action for the FTT holdings within the BitDAO Treasury. The group gave Alameda a 24-hour deadline to answer their proposal.

Alameda CEO Promptly Responds

Lower than an hour after Zhou’s tweet went up, the CEO of Alameda Analysis Caroline Ellison responded in a remark. Ellison explained that they had been at present tied up however would supply the wanted proof of funds as soon as that they had a deal with on issues. Zhou appreciated the immediate suggestions saying it gave the BitDAO group “a lot of confidence.”

Per Alameda’s Etherscan data, the agency carried out 5 operations on Tuesday. The primary was a 499,996 BIT switch from Coinbase which befell once more simply over an hour later for a complete of  999,992 BIT. Nevertheless, the biggest of all of the transactions was a 92,000,000 BIT switch from SBF’s alternate platform FTX. Alameda additionally acquired 6.5M and 500k BIT from two separate unnamed {wallets}. 

BitDAO’s request comes shortly after main crypto alternate Binance revealed plans to liquidate its FTT holdings. FTT noticed its worth tank 25% on Tuesday following the announcement. Binance CEO Changpeng Zhao described the transfer to dump FTT tokens as post-exit threat administration “learning from LUNA.”



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