On Tuesday, BitDAO, one of the largest decentralised autonomous organisations (DAO), entered the FTX-Alameda drama after the DAO’s native token BIT fell 20%. The BITDAO community, which is supported by crypto exchange Bybit, Pantera, billionaire Peter Thiel, and several other funds, asked trading firm Alameda to convert 3.36 million FTT tokens to prove that they still hold 100 million BIT tokens acquired in November last year. Alameda was required to hold tokens for at least three years as part of the token swap agreement. BitDAO’s concerns may stem from reports that Alameda is liquidating its other token holdings in order to defend FTX’s native cryptocurrency.
