FTX Token Plummets as Market Fears Possible Alameda Contagion

FTX's exchange token FTT was down over 12% during Asia's morning as the market continued to be alarmed by the contents of Alameda Research's balance sheet.

  • The entire 'Alameda bag' was in the red Tuesday morning (UTC) with FTT dropping over 12% in an hour. SOL and SRM were down 4% and 2.7%, respectively during the same period.
  • Over $2 million in FTT long positions have been liquidated during the last 12 hours, according to CoinGlass data.
  • CoinGlass data shows there's approximately $200 million in open interest for FTT.
  • Binance’s CEO Changpeng Zhao said that his firm would be liquidating $500 million in FTT, though on-chain data suggests it hasn't begun this process yet.