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Bankrupt FTX Moves $156M Worth of Assets

Bankrupt FTX Moves $156M Worth of Assets

Bankrupt cryptocurrency exchange FTX has reportedly moved up to $156 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in several transactions over the past week. The move comes as part of a court-ordered liquidation process that allows FTX to sell nearly $3.4 billion worth of crypto assets in weekly batches.

FTX began unstaking 1.6 million SOL tokens, worth approximately $57.6 million, on Oct. 30. The unstaked assets are currently held in the staking wallet, and FTX’s fund movement will increase the total SOL transferred to nearly $90 million. Earlier in the month, FTX liquidators staked approximately $120 million in Solana tokens through Figment, an institutional staking service provider.

FTX and Alameda’s Strange Transactions Still Happening

In addition to SOL and ETH, the new wave of transactions included 1,100 ETH valued at $2 million, 10.5 million USDC, and 7.6 million Render tokens worth $500,000. Other assets transferred include Kyber Network Crystal (KNC) tokens, TRUE tokens, Band Protocol tokens, The Graph tokens, Maker tokens, REN tokens, Perpetual Protocol Tokens, Biconomy Tokens, and Polygon tokens.

The crypto wallets linked to FTX and its sister trading firm Alameda Research have sent over $13 million in different altcoins to numerous crypto exchanges early on Nov. 1. In an initial transaction, the FTX wallet moved altcoins valued at $8.12 million to Coinbase. 

Bankrupt FTX Moves $156M Worth of Assets

This included 46.5 million units of The Graph (GRT), valued at $4.85 million, 972,073 units of Render Token (RNDR), worth $2.3 million, and 708.1 units of Maker (MKR), amounting to $967,000.

Three hours after the initial transaction, the wallet addresses associated with FTX and Alameda Research conducted another transfer, this time amounting to $5.49 million, to Binance and Coinbase. 

The three assets of the highest value in this transaction were 1.14 million units of dYdX (DYDX), valued at $2.64 million, 192,888 units of Axie Infinity Shards (AXS), worth $1.05 million, and 5,858 units of Aave (AAVE), totaling $522,000.

The motivations behind these transfers and deposits remain the subject of speculation as industry experts closely monitor the situation for potential information about the future movements and strategies of these influential market participants.

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