Mantle blocks FTX from converting $43m in BIT tokens to MNT
Mantle DAO community member proposed restricting FTX from converting $43 million in BitDAO tokens to MNT amid ongoing token migration. A community member within the Mantle decentralized autonomous organization (DAO) has initiated a discussion proposing to restrict the collapsed FTX exchange and Alameda Research from convert ing their BitDAO (BIT) token s, worth $43 million, to Mantle (MNT) token s. The background of this proposal dates back to Nov. 2, 2021, when BitDAO swapped 100 million BIT with Alameda for over 3.3 million FTX tokens (FTT). The trade was accompanied by a mutual commitment to retain each other’s tokens until Nov. 2, 2024. However, following the FTX fallout in 2022, BitDAO suspected Alameda of offloading the token s, leading to a sharp decline in BIT’s value. Caroline Ellison, former Alameda CEO, refuted any involvement in the token ’s depreciation. You might also like: US Fed takes action against bank linked to FTX’s Alameda Research Mo...