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Mantle Stops Token Migration to Prevent $43M FTX Conversion, BIT to MNT

In Mantle DAO, a member started talking about stopping FTX and Alameda from changing $43M BitDAO coins to Mantle tokens during coin migration.

ShahZaib Ahmed



A community participant began a discussion among the members of the famous decentralized autonomous organization (DAO) named Mantle. In that discussion, a proposal was made concerning restricting the defunct crypto exchange FTX and Alameda Research (the sub-branch of the crypto exchange) from converting the BitDAO coins of up to $43M worth to Mantle (MNT) tokens amid the current coin migration procedure.

Mantle Stops Token Migration, Restricting FTX from the Conversion of BIT to MNT Tokens

On the 2nd of November in the year 2021, BitDAO effectively swapped almost one hundred BIT tokens with Alameda while getting more than 3.3M FTX coins in return. The respective trade was witnessed simultaneous to a public commitment where both entities determined to hold the crypto tokens of each other for approximately 3 years. This period was supposed to be concluded in the year 2024.

Nevertheless, amid the collapse of FTX last year, Alameda was supposedly dumping the coins according to the suspicion of BitDAO. This resulted in a huge dip in the price of BIT. That was the time when Caroline Ellison (the former chief executive officer of Alameda) denied being engaged in the dump. A few months after that, the community of BitDAO proposed the BitDAO ecosystem’s unification.

Also Read: Coinbase Considers Expansion to Singapore as the US Regulator Denies Answerability

On the 12th of May, “Cateatpeanut” (a community participant) started a governance vote for the respective unification. This would also signify that the people holding BIT tokens would witness the conversion of those coins into MNT.

The Mantle Community Disapproves of the Automatic Conversion of Alameda-Held BIT Coins to MNT

On the 19th of May, the proposal for the unification of BitDAO and Mantle got approved and obtained remarkable support from the community. On the 17th of August, the issue of Alameda-held BIT tokens was discussed by the community of Mantle. They disapproved of the automatic conversion of BIT under FTX to MNT based on diverse factors.

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