Binance will stop accepting FTT deposits from bankrupt crypto

Binance will stop accepting FTT deposits from bankrupt crypto exchange FTX

Cryptocurrency exchange Binance has stopped accepting FTT token deposits on its platform from its competitor FTX, which filed for bankruptcy on Friday. About that explained On Sunday, Binance CEO Changpeng Zhao urged other competing exchanges to follow his platform’s example.

    Credit: REUTERS/Dado Ruvic

Credit: REUTERS/Dado Ruvic

The already difficult situation for FTX worsened significantly when the crypto exchange, some time after the announcement of the opening of bankruptcy proceedings, reported that unauthorized access had been detected, causing its applications to be infected with malicious code, and experts said hundreds of assets worth several Millions of dollars disappeared from the platform under “suspicious circumstances”.

“(Binance) has halted FTT deposits to prevent the possibility of dubious additional revenue impacting the market. We will monitor the situation,” the head of Binance tweeted. He added in another tweet that FTT contract participants transferred all remaining $400 million worth of FTT tokens to other accounts to unlock them in batches.

After the departure of Sam Bankman-Fried, the crypto exchange was run by turnaround specialist John J. Ray III, who previously dealt with the bankruptcy of energy company Enron, among other things.


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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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