What happened to the FTT coin?

The announcement by Binance had a Ripple effect, causing a steep decline in the value of FTT, the native token of FTX. The plummeting prices ignited a panic among FTX's user base, who began to question the stability and security of their funds.

Amidst the turmoil, FTX customers scrambled to withdraw their money from their accounts. The sudden surge in withdrawal requests put immense pressure on the exchange's liquidity, exacerbating the already fragile situation.

The downfall of FTX was triggered by a pivotal CoinDesk article that unveiled a leaked balance sheet, shaking the confidence of the cryptocurrency community.

The events surrounding FTX's collapse highlighted the importance of transparency and accountability in the cryptocurrency industry. Investors and users alike became more cautious, demanding greater clarity and due diligence from crypto platforms.

In response to the revelations, Binance, a prominent player in the crypto space, made a decisive move by announcing its intention to liquidate all FTT tokens held in its possession. This drastic action stemmed from concerns over the mismanagement and lack of clarity surrounding FTX's finances.