The bloodshed between FTX and Binance has split over to the other innocent party. The token of BitDAO (BIT) was once down 35% to $0.262, causing a brief FUD moment for the BitDAO community.
1. CEO of Bybit, Ben Zhou, is questioning on behalf of the community regarding the sudden dump of BIT. Alameda Research, a quantitative trading firm co-founded by SBF, initiated a BIP-4 proposal to BitDAO in October 2021. The proposal proposed to exchange 100 million BIT (about 1% of the total supply) with approximately 3,362,315 FTT (about 1% of the total supply). At the same time, both parties publicly agreed not to sell each other's tokens within three years. The proposal was voted through in the same month.
2. BitDAO's new proposal requires Alameda to transfer the 100 million BIT tokens to an on-chain (non-exchange) address for community verification and hold until the end of the agreement. The request is to be completed within 24 hours. Otherwise, it will be up to the BitDAO community to decide how to deal with the 3,362,315 FTT in the treasury.
3. CEO of Alameda Research, Caroline, replied to Ben that they weren’t the party who dumped BIT and will get them proof of funds when things calm down.
4. Nansen data shows that the Alameda Research address starting with 0x84d has been holding the said 100 million BIT since it was transferred in October 2021. None of the tokens has been moved as of the time of writing.
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