A member of the cryptocurrency community has come forward and suggested that FTX is in breach of the regulations by trying to convert the BIT they have to MNT.
Discussion Highlights Of The Decentralized Autonomous Organization (DAO)
According to a report from Cointelegraph.com, one of the community members brought up the idea of not allowing FTX to get access to MNT using the BIT they have during the token migration taking place at the moment.
In November 2021, BitDAO (BIT) managed to exchange 100 million for more than 3.3 million FTX tokens. According to the agreement stipulated, they were supposed to hold onto their tokens for as long as 3 years and this meant that the term would come to an end in November 2024. When FTX began collapsing, BitDAO got a feeling that Alameda dumped the tokens leading the BIT to sink.
Also Read: The Rise and Fall of FTX: A Cryptocurrency Exchange’s Dramatic Journey
In May this year, the idea of BitDAO (BIT) joining forces with Mantle sparked and the community members were up for the union as they voted for it to go through. The Mantle Community members were triggered by Alameda. One member who goes by the name Cateatpeanut said that the BIT that FTX hs should not be converted to MNT since there are a series of factors that render the process undoable.
A proposal stating that there should be the creation of a smart contract for the MNT migration that inhibits FTX from converting their tokens. Consequently, a hold on the FTX tokens has been placed.