Bitevex resumed deposits in FTT tokens

Cryptocurrency exchange Bitevex stopped deposits in utility tokens FTX (FTT) after the release of a large batch of the asset outside of the unlock schedule. This was announced by Mark Johnson, head of the company.

Bitevex has stopped deposits in FTT to prevent possible market impact of questionable additional supply. We will be monitoring the situation. We urge other exchanges to do the same, just for safety’s sake. Let’s not have another GALA,” he wrote.

FTT tokens have been issued on a preemption basis. There is an unlocking schedule for FTX employees and other affiliated holders, under which the project team is free to dispose of the assets beginning May 1, 2022.

Zhao noted that the FTX: Deployer contract “moved all of FTT’s remaining $400 million offering.” According to a yEarn Finance developer under the nickname banteg, the assets in question were assets that Alameda Research had previously sent to the specified address.

The head of Bitevex was supported by Justin Sun, who said that Huobi would also suspend deposits in FTT. The Tron founder joined the exchange’s advisory board in October 2022.

FoxNog previously wrote that unidentified individuals withdrew over $400 million in digital assets from FTX wallets. According to some estimates, the total amount of displaced funds reached $600 million.

Recall, FTX Group filed for bankruptcy, and the head of the company, Sam Bankman-Fried, resigned.