The team in charge of the liquidation of FTX, the cryptocurrency exchange, has chosen to take a bold step. They have decided to move a considerable sum of money, specifically $170 million, in MATIC (Polygon) and ETH (Ethereum) tokens through staking strategies.
This action has taken the crypto community by surprise, sparking debate about the purpose of this move in the context of an FTX liquidation plan that amounts to a staggering $3.4 billion.
Colin Wu, a well-known Chinese cryptocurrency journalist, shared the news on X, revealing intriguing details about this strategy.
The address controlled by the FTX bankruptcy team has recently staked MATIC worth about US$9.5 million, with a yield of 4.6%; 24k ETH (US$37.45 million) has been staked, and a total of over US$170 million in cryptocurrency has been staked.https://t.co/OvLQ6aMg7k…
— Wu Blockchain (@WuBlockchain) October 17, 2023
Wu reported that the liquidating FTX team has committed around $10 million to a staking pool offering a 4.6% yield.
This investment involves MATIC tokens worth approximately $9.5 million. Strikingly, Wu also highlighted that the same FTX address had sent 24,000 Ethereum tokens, worth close to $37.45 million. Altogether, the amount of cryptocurrency staked from the FTX-controlled wallet amounts to an impressive $170 million.
To further support this information, Wu provided a link to a blockchain explorer that showed that FTX had a cryptocurrency portfolio exceeding $164 million.
However, this value had seen a decrease of around $700,000 in just 24 hours.
-Wallet information provided by Arkham
-Current performance offered in the Matic Staking Pool
Various reactions from the community to the news
Some community members have expressed amazement and curiosity about FTX’s strategy, while others have humorously noted that the exchange is apparently not only selling off some of its cryptocurrency supply, but is also betting on of higher profits.
It is worth mentioning that, the MATIC and ETH tokens that FTX is moving represent a portion of the cryptocurrencies that the bankruptcy firm has received approval to liquidate and pay its creditors.
As previously reported, FTX plans to liquidate approximately $3.4 billion in assets in the coming weeks, with MATIC and ETH making up a substantial portion of this sum.
FTX’s staking strategy has added an interesting twist to this liquidation process, and the crypto community is keeping an eye on how this unusual situation will play out.
