For all the snarky memes that flooded Crypto Twitter when Binance announced it would and then wouldn’t buy FTX, it was still left holding a bag: 5% of the total FTT supply, now worth only $65 million. FTT is the native utility token for the FTX exchange, which grants holders trading fee discounts. It functions like a customer loyalty program. The more a user owns, the bigger the discount they get on their FTX trades. Or at least, that’s how it used to work. A person familiar with Binance’s due diligence of the FTX deal told Decrypt that the exchange was able to sell very little of i ...
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