Binance CEO just announced on twitter that they will liquidate its $500mm FTX position

For those who have been browsing this subreddit over the past few weeks, some people might have noticed the growing rumors and posts on Alameda Research - specifically that it is illiquid and has most of its assets in FTT (their exchange token).

The issue has spilled over twitter, where CZ just tweeted that Binance will be liquidating their FTT position.

Everyone should pay close attention to what will happen next - Alameda Research is already heavily leveraged. If the mass sells by Binance cause material downward pressure, it could lead to a sell-off / death spiral. A bit interesting given FTX has been seen as one of the stronger exchanges in recent months.

CZ ???? Binance on Twitter: "Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards." / Twitter

Edited to remove fake SBF tweet!