TechFlow reports, according to Etherscan monitoring, that ByBit and FTX swapped their exchange tokens in early November 2021, with ByBit exchanging 100 million BIT for 3.36 million FTT from FTX, promising not to sell within three years. With only two months remaining until the lock-up ends, a sell-off is expected.
The exchange was value-equivalent at the time, but now there's a significant divergence in value: 100 million BIT are worth $57.73 million, whereas 3.36 million FTT are worth only $4.47 million. Notably, BitDAO (BIT) has since been upgraded to Mantle (MNT).
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