FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy
October 31 2023 - 5:00PM
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Blockchain analytics firm Nansen has recently revealed that wallets
associated with bankrupt crypto exchange FTX have transferred
approximately $156 million worth of digital assets, including
Ethereum (ETH) and Solana (SOL), in a series of transactions over
the past week. The movement of these funds has raised
concerns and attracted the attention of industry experts and
investors. Nansen’s report sheds light on the ongoing transfers and
provides valuable insights into the extent of FTX’s asset
movements. Related Reading: Spot Bitcoin ETF: Here’s The Magic
Number To Push BTC Past $40,000 Bankrupt FTX Wallets Unstake $57
Million Worth Of SOL Tokens According to the Nansen report, funds
from FTX wallets have continued to migrate to various exchanges
since the previous update. The report specifies the following
notable transactions: 695,000 Perpetual Protocol (PERP) tokens
worth $423,000 767,000 Biconomy (BICO) tokens worth $182,000
833,000 Kyber Network (KNC) tokens worth $616,000 108 million
TrueFI (TRU) tokens worth $420,000 138,000 Band (BAND) tokens worth
$221,000 2.5 million Graph (GRT) tokens worth $273,000 845 Maker
(MKR) tokens worth $1.17 million 7.16 million Render (RNDR) tokens
worth $17.8 million 10.5 million USD Coin (USDC) 23,000 Polygon
(MATIC) tokens worth $15,000 9.5 million Ren (REN) tokens worth
$500,000 1.1 million ETH tokens worth $2 million Additionally, the
report highlights that an additional 1.6 million SOL tokens worth
$57.6 million have initiated the unstaking process. While these
funds have not yet left the associated wallet, their potential
movement would bring the total SOL tokens moved by FTX to just
under $90 million. Moreover, considering the unstaking of SOL
and the new assets transferred by FTX to Coinbase and Binance, the
total value of funds moved by FTX now stands at $156 million. Major
Transfers Of LINK, AAVE, And MKR Unveiled Nansen’s previous
investigation revealed significant transfers from wallets linked to
FTX and Alameda Research, FTX’s trading arm. These funds were
initially withdrawn from FTX and Alameda wallets before being sent
to intermediary wallets and eventually deposited into Binance and
Coinbase. The report discloses the following noteworthy movements:
2.2 million USD worth of Chainlink (LINK) tokens 1 million USD
worth of Aave (AAVE) tokens 2 million USD worth of MKR tokens 3.4
million USD worth of ETH tokens In addition to these transfers,
Nansen discovered that 943,000 SOL tokens, equivalent to
approximately $32 million, were moved from the FTX Cold Storage
wallet. Related Reading: Trader Who Bought Dogecoin In 2017 Maps
Out Meteoric 37500% Rise To $26 Overall, the recent findings by
Nansen regarding the movement of funds from wallets associated with
the bankrupt crypto exchange FTX have sparked concerns within the
cryptocurrency community. The report highlights substantial
transfers of various digital assets, including ETH and SOL, and
provides insight into the scale of FTX’s asset movements. As
of the current market conditions, FTX’s native token, FTT, is
trading at $1.23. Despite a false breakout on October 23, where the
token briefly surpassed $1,360, it has since declined
consistently. However, over the past 30 days, FTT has
maintained a profit margin of 3.7%, signifying relative stability
within this time frame. Featured image from Shutterstock, chart
from TradingView.com
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