Alameda Research Denies BitDAO’s Suspicions in Project’s Token Dump

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Sam Bankman-Fried’s Alameda Research has recently confirmed the existence of 100 million BitDAOs in response to a community inquiry. The day before, the price of the DAO governance token collapsed by about 33%.

Alameda received the assets in November last year in exchange for 3.36 million FTT tokens from FTX. The swap agreement stipulated the parties would not sell each other’s coins for three years.

On November 8, the price of FTT dropped about 30% in a matter of hours. At the same time, BIT fell sharply.

The BitDAO community has suspected the company of violating the blocking conditions and has voted in favor of the proposal (BIP-4) to require Alameda to disclose the token storage address within 24 hours. Otherwise, it was supposed to decide what to do with the FTT assets in the DAO treasury.

Fears were fueled by the presence of only 97 million BIT in the firm’s hot wallet.