FTX's FTT Token - What Is It All About?

The unraveling of FTX began when CoinDesk released an article of FTX's balance sheet. The company was giving a large amount of FTT to Alameda, their trading arm which are supposed to be separate. When Binance saw that balance sheet and the CoinDesk article became out publicly they announced we're not comfortable with the state of FTX. And so others who did not want to get taken out with a tie to that trade decided to follow along with CZ. That drove the price of FTT token down below what many are claiming to be a critical point, which was $22 eventually it fell, not to I believe $4.