Binance CEO Changpeng Zhao (CZ) has announced that they are stopping FTT deposits to avoid the potential for dubious additional supply.
CZ, CEO of crypto exchange Binance, said in a statement that he urged other rival exchanges to do the same.
Binance CEO Announces Pausing FTT Deposits
Binance has announced that it is pausing FTT deposits after the suspicious movement of $407 million in FTT assets.
In his post on Twitter, CZ stated that they stopped FTT deposits in order to avoid the potential for dubious additional supply affecting the market. He also urged other exchanges to do the same to be safe.
CZ continued his posts on social media. In another post, “FTT contract distributors moved all remaining FTT supply worth $400 million and these need to be opened in batches. “I’m not sure what’s going on,” he said.
“If an exchange has to move large amounts of crypto before or after revealing wallet addresses, it is a clear sign of problems,” he wrote in his next tweet. He warned his followers to stay away.