Binance and FTX. The CEO of Binance, Changpeng Zhao (CZ), announced that the exchange would liquidate all FTT tokens in its holdings. Naturally, this news created a negative impact on FTX and its token.
Further, the entire crypto market has been thrown into the red as most crypto assets are losing value. The crash in the price of FTT is also influenced by a massive depreciating trend on several other tokens.