The FTX-Binance drama unfolds and deals a heavy blow on Sam Bankman-Fried’s crypto, the FTT.
FTT, the token created to act as native cryptocurrency of crypto exchange FTX, suffered a massive blow after news broke that Binance is buying the company.
In just a span of 24 hours, the digital asset lost almost 71% of its value and its market capitalization went down from $ 2.9 billion on Monday to just around $ 600 million at press time.
According to tracking from Coingecko, the altcoin is changing hands at $ 4.47. Over the last seven days, FTT declined by 82.3% in the face of the ongoing FTX-Binance tussle.