Full Record of the Epic Quarrel between Binance and FTX! Alameda Steps In, Zhao Changpeng Dumps FTT, SBF: Let's Make Love, Not War

Trading institution Alameda Research released an unverified financial report, leading to speculation and causing community panic. This triggered supporters of exchanges Binance and FTX to start quarreling, eventually escalating into a market battle between the two exchanges using FTT as chips. Retail investors joined the fray, leading to intense fluctuations in FTT in a short period of time. Here is the record of the battle:

Heavenly Battle! FTT Fluctuates 18% in One Hour

Alameda Clarifies Financial Reports

At 10:32 pm on November 6, Alameda Research, which had been silent on the financial report controversy, finally had its CEO, Caroline Ellison, come forward to stating: "That financial report is only a small part; we have over $10 billion in assets that have not been disclosed."

She mentioned that the rumored financial report only represents a part of their corporate structure, with a significant amount of assets not shown; it only includes a few of their bullish positions, and many hedging positions are not included. Additionally, due to the current situation in the cryptocurrency market this year, they have already repaid most of their loans.

FTT surged to a high of 25.47 within half an hour, with a maximum increase of 8.6%.

Binance Founder CZ: Selling All FTT

At 11:47 pm on November 6, Binance founder Zhao Changpeng CZ suddenly stated: "We will sell all remaining FTT after exiting FTX shares."

Zhao Changpeng mentioned that after Binance exited FTX shares last year, they received assets worth about $2.1 billion in BUSD and FTT. Due to recent news exposure, they decided to sell all remaining FTT. He expressed that this was to reduce market impact and due to market conditions and limited liquidity, the process would take several months to complete.

He further stated that this action was not meant to harm competitors.

"Binance is always willing to collaborate with industry peers. This move is not intended to undermine competitors. Our industry is still in its infancy, and every public failure harms every user and platform."

FTT dropped to a low of 21.42 within half an hour, fluctuating by 18% in less than an hour.

Alameda CEO: If You Sell, I'll Buy All at $22

At 12:03 am on November 7, Alameda Research CEO Caroline Ellison responded to CZ: "CZ, if you want to reduce the market impact of selling FTT, Alameda is happy to buy back all at $22 market price today."

FTT surged back to 23.81.

FTX Founder SBF: Make Love, Not War

At 1:51 am on November 7, FTX founder SBF finally spoke up. He initially talked about product-related matters and later mentioned that this was not his original intention, but after taking a deep breath, he felt that everyone wanted the industry to thrive. He said, "Regardless of whether they provide returns or whether their methods are the same as ours, I respect all contributions made to this industry."

"Including CZ."

"In short, as the saying goes, it's time to build."

"Make love and blockchain, not war." Note: A famous anti-war slogan by The Beatles reads "Make love, not war."

FTT surged to 23.7 again.

Binance Founder CZ: 580 Million FTT Ready

At 2:49 am on November 7, Binance founder Zhao Changpeng CZ retweeted the @whale_alert account monitoring the flow of funds on-chain, which detected the transfer of approximately 22,999,999 FTT worth about $580 million at 10:09 pm and stated: "Yes, that's a part of it."

FTT sank back to 22.46 within half an hour.

Binance Founder CZ Reiterates: Does Not Support Those Lobbying Against Other Operators

At 5:49 am on November 7, Binance founder Zhao Changpeng CZ further stated that liquidating FTT positions was for risk management, a lesson learned from LUNA. However, we will not pretend to make love after a divorce. We do not oppose anyone, but we will not support those who lobby against other operators behind their backs.

Additional information: Binance holds 33% of the FTT trading market, FTX holds 21%, totaling 54% together.

Related Reading: Alameda Financial Situation Sparks Debate! FTX and Binance Camps Clash, Top Executives Attack Each Other, Benson, Wu Shuo

Weekend Trigger: Bombshell Negative Article, 98% Concentration of FTT

Prior to Alameda's response, it's crucial to look back at the lengthy article written by Dirty Bubble Media on the evening of November 4 at 6:41 pm, titled "Is Alameda Research Insolvent?" Does Alameda have more liabilities than assets?, analyzing Alameda's asset structure and claiming that FTT's model is similar to bankrupt company Celsius's CEL token.

Additionally, the on-chain analysis account @lookonchain published a study at 8:55 pm on November 6, revealing that the top 50 FTT holders occupy 98.12% of the total circulation; FTX holds 74.51% of the total circulation, while Binance holds 7.4%. This situation is believed to limit FTT's downward potential due to high concentration.

This is just the tip of the iceberg of online community discussions on the Alameda incident. With the CEO of Alameda coming forward and the subsequent attacks and defenses, it appears that both sides were prepared.

SEC, CFTC, Are You Ready?

Insider trading and market manipulation in the cryptocurrency industry have always been common and are reasons why many governments have been reluctant to relax regulatory standards for investor protection.

Due to the substantial influence of the two largest and most well-known exchanges globally, directly and indirectly impacting the trading market, there are likely many U.S. residents involved in trading. It remains to be seen whether the SEC or CFTC will intervene.

Behind this event, other exchanges that were previously lagging behind, can they regain some market share through this incident? Surely many industry peers are watching from a distance.