Binance, Huobi Block FTT Deposits After FTT were illicitly released from FTT’s main deployer address

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.

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: "FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on."

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.