Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT

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Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT
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BitDAO swapped 100 million BitDAO tokens for over 3.3 million FTX tokens back in 2021, with a promise of holding for three years.

of the BitDAO ecosystem which had BitDAO as its governance arm and Mantle as its product. On May 12, community member Cateatpeanut initiated a governance vote to unify both under the Mantle banner, which would also mean that BIT holders would have their tokens converted into MNT. On May 19, the proposal to unify Mantle and BitDAOOn Aug 17, the matter of the BIT tokens held by Alameda became a subject of discussion for Mantle community members.

Within the proposal, the community member asked to implement a new MNT migration smart contract that is able to restrict the automatic migration of FTX-owned tokens. The community member also highlighted that the on-chain migration contract has been paused until the conclusion of the discussion and the vote.

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