- Almeda, a trading firm, withdraws KuCoin tokens through KuCoin Exchange.
- FTX and KuCoin are among the top two in the withdrawal list.
- Almeda’s leaked balanced sheet has a deficit of $10 billion.
Crypto-related news reporter, Wu Blockchain took to Twitter to inform that Almeda, a principal trading firm, was withdrawing funds from KuCoin, an exchange platform. Citing the massive outflow of KuCoins tokens (KCS) from the KuCoin exchange, Wu suspects that Almeda, which is the market maker for KuCoin, was withdrawing funds using the exchange.
Moreover, according to the Twitter post, it is evident that FTX and KuCoin take the first two places respectively for withdrawals. The aggregate of withdrawals from FTX was $292,200,392, while KuCoin recorded total withdrawals of $289,665,935.
When scrutinizing the withdrawals, it could be found that when the other trading platforms had withdrawals of 8-digits, FTX and KuCoin withdrew 9-digit amounts.
Meanwhile, according to various sources, it is believed that Almeda’s leaked balance sheet is full of FTT, FTX’s tokens, which belong to the FTX owner Sam Bankman-Fried, who is also the owner of Almeda.
Although as per the sources, there’s nothing wrong per se with Almeda having more FTT tokens; however, it points to the fact that Almeda’s foundation is built on its sister company tokens rather than fiat currency or independent crypto.
Interestingly, the exposed balance sheet of Almeda seems to have a deficit of $10 billion. However, the CEO of Almeda, Caroline Ellison explicitly explained that the aforementioned deficit is not reflected in the balance sheet.
Citing the deficit of funds, Changpeng Zhao, the CEO of Binance, said that he would sell all FTT tokens.
Speaking on the topic, Zhao stated:
Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books
Additionally, Zhao stated that as part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT).
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