BitDAO requires FTX and Alameda Research to provide evidence of financial solvency

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Decentralized company BitDAO asks AlamedaResearch within 24 hours to provide evidence of the sufficiency of liquidity of the company and the FTX exchange after a sudden drop in the cost of BIT tokens by 20%.

After a sudden collapse in the value of ownBIT tokens, BitDAO has requested from Alameda Research and FTX, including comprehensive evidence confirming the implementation of the community token custody agreement.

In 2021, the parties entered into an agreementaccording to which 100 million BIT tokens were counter-converted into 3.36 million FTT tokens. The token swap deal called for Alameda Research to hold BitDAO tokens for at least three years.

The community behind BitDAO, in particularcrypto exchanges Bybit and Pantera, there were concerns that Alameda Research could dump 100 million BIT tokens, having a negative impact on the market price and leading to a sell-off.

According to the statement
BitDAO, the community may take emergency action against Alameda Research assets if it does not respond within 24 hours:

“If a response to our request is not received within the nexttime, unless comprehensive alternative evidence is provided, then the BitDAO Treasury will initiate a community vote on how to deal with the $FTT.”

BitDAO's concerns stem from rumors that Alameda Research is actively liquidating alternative tokens in order to protect its own FTT cryptocurrency.

BitDAO will also vote on a proposal that will allow the community to track and verify compliance with FTT-BIT exchange commitments.

In October, the owner of the Bitboy Crypto YouTube channel, Ben Armstrong, criticized
CEO of FTX cryptocurrency exchangefor his tactics of taking over crypto companies. He called Sam Bankman-Fried a criminal for wanting to control the entire cryptocurrency space.