Changpeng Zhao’s Tweet –‘The Straw That Broke The Camel’s Back’

• Changpeng Zhao denies netizens’ conspiracy theories that he orchestrated FTT’s price fall.
• CZ claims that he didn’t expect his tweet to have adverse effects to FTT’s price.
• Additionally, Michaël van de Poppe tweets that “FTT is tanking heavily.”

Changpeng Zhao denounced allegations that Binance had intentionally manipulated FTT’s price drop via his tweets. CZ claims that his FTT liquidation tweet was merely to maintain transparency with Binance’s large transactions, and not an effort of market manipulation.

CZ expressed his surprise around the ongoing discussions that Binance manipulated the market purposefully. He claimed that his tweet of liquidating FTT on November 6 was only to maintain transparency with Binance’s large FTT transactions. CZ admitted that he didn’t expect for it to be “the straw that broke the camel’s back.”

I was out with friends yesterday when the topic of whale alerts came up. Following our principles, I decided to be transparent. So I wrote a thread in 5 mins, and posted it. Little did I know it was going to be “the straw that broke the camel’s back.” 1/4

— CZ Binance (@cz_binance) November 7, 2022

On November 5, Whale Alert reported a transaction of $584 million from an unknown wallet to Binance. In response, Changpang Zhao announced Binance’s FTT liquidation referring to the 23 million FTT tokens ($584 million) that were transferred to Binance.

Following the announcement, the price of FTT dropped by 30%.

This made people think that this fall was orchestrated by Zhao. Entangled with the misconception (conspirancy theories), many crypto netizens, enthusiasts and investors raised their concerns, views, which surprised Zhao with the amount of replies his tweet received. 

The fact that it sparked such levels of "discussions" was surprising. There were also conspiracy theories that I somehow orchestrated this whole thing. If you read this thread, you would appreciate that no one can orchestrate this. 3/4 https://t.co/CV2QwC7Umr

— CZ Binance (@cz_binance) November 7, 2022

Coin Edition previously reported that Zhao decided to liquidate FTT tokens citing the impending bankruptcy that FTX and Almeda Research, Sam Bankman-Fried’s two entities, were facing. 

Meanwhile, Michaël van de Poppe, the CEO and founder of Eight Global, a cryptocurrency education and consultancy platform, tweeted that FTT was tanking heavily.

Good morning! $FTT tanking heavily, through which also #Bitcoin and the rest of the markets show some weakness.

Stay safe!

— Michaël van de Poppe (@CryptoMichNL) November 8, 2022

Michaël’s comment seems to be reflecting on the FTT, the FTX token. The FTX token is priced at $17.94 with a 24-hour trading volume of $1,298,855,719.

The FTX Token has been down 21.41% in the last 24 hours.

Additionally, BTC is currently trading at $19,770, according to CoinMarketCap. BTC is down by 4.47% during the last 24 hours. Importantly, BTC, which was trading at $21,306, fell to $19,701 within just a couple of days.

The post Changpeng Zhao’s Tweet –‘The Straw That Broke The Camel’s Back’ appeared first on Coin Edition.