- Binance suspends the deposits of FTX’s native FTT token.
- The suspension is due to unauthorized transactions of crypto assets.
- FTX has filed a bankruptcy protection for its liquidity crunch.
Due to the current hectic crisis of FTX crypto exchange, the whole crypto market is witnessing a crunch for over a week. As there are many issues bubbling up each day, one among them is from Binance. So, world largest crypto exchange, Binance paused accepting the deposits of FTX native token, FTT.
On Friday, FTX filed for bankruptcy protection under Chapter 11 as the exchange is detecting a number of anonymous access and millions of unknown transactions on the platform. Thus to prevent these critical issues on its exchange, Binance completely stopped FTT deposit.
Though Binance had a good prediction on the market, CZ reverted his decision of acquiring FTX. The entire liquidity crash of FTX made the exchange to face a worse situation in the crypto space. Thus, Binance decision was a smart move in the market!
Binance Halts FTT token deposits
As the FTX platform crashes, it will be the right chance for all the hackers, scammers and other unknown users to perform unauthorized transactions on the platform. Similarly, last day, FTX found an illegal access and analysts who moved millions of funds in a fraudulent manner. After thorough research, FTX confirmed the unauthorized transaction totals almost $1 billion.
However, being a competitor in the market, Binance took a strong decision to stop all the deposits of FTT tokens to prevent the excess supply of the tokens. Through this, Binance plans to secure the crypto market and the users holding FTT tokens.
Moreover, FTT contract deployers also moved a large amount of FTT tokens worth $400 million in a suspicious way. Thus, Binance CEO, CZ posts a tweet saying, “The suspicious transaction of $400M must be unblocked in batches. And I’m not sure of what’s happening in the exchange.”
