Binance, Huobi Block FTT Deposits After $400M Worth of Tokens Unexpectedly Released

The tokens were released out of schedule from FTT’s main deployer address, with no official explanation.

AccessTimeIconNov 13, 2022 at 7:37 a.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchanges Binance and Huobi blocked deposits of FTT, FTX’s native tokens, Sunday after about $400 million worth of the tokens were released out of schedule, with no official explanation.

FTT tokens follow an unlocking schedule wherein large batches of the tokens are periodically released. On Sunday, however, the tokens were released out of schedule without warning or communication from FTX or related parties.

Over 192 million FTT tokens were released, blockchain data shows. These were released from the main deployer address.

Binance founder Changpeng Zhao noted on Twitter: “Binance has stopped FTT deposit, to prevent potential of questionable additional supplies affecting the market. Also encourage other exchanges to do the same.”

Justin Sun-backed Huobi Global followed the move shortly afterwards. “(We) will closely monitor the situation,” Sun tweeted.

The FTT release follows the week-long drama involving FTX, which filed for Chapter 11 bankruptcy protection on Friday. Contagion risks are now permeating throughout the broader crypto market.

The FTT token fell 18% on Sunday to $1.78. The spectacular collapse of the FTX exchange has led to price declines on eight of the past nine days, leaving it down 93% just in November alone.

A year ago, FTT's market capitalization stood at around $8 billion, and now it's down to about $350 million, according to CoinGecko, though the new questions about the token's circulating supply might complicate the calculation.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about