FTX Moves Over $60M in Crypto Assets This Week

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Addresses linked to the defunct FTX Exchange and Alameda Research have moved more than $60 million in digital assets over the past week, according to blockchain analytical firm Nansen.

The prominent blockchain analytical firm Nansen revealed that the bankrupt exchange transferred millions of crypto assets across different networks throughout the week to Coinbase and Binance.

FTX Transfers More Than $60M

Nansen noted that the exchange had moved $8.6 million in assets, encompassing cryptocurrencies like Chainlink, Avalanche, and Ethereum, earlier in the week. The exchange would later move about $24.3 million in digital assets to Binance and Coinbase.

FTX Crypto Assets. Source: Nansen

Looking at these transactions and others, Nansen concluded that FTX had transferred $60 million worth of assets, including 943,000 SOL (around $32 million) moved from its cold storage wallet as of October 27.

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The connection between these transfers and the exchange’s bankruptcy proceedings remains uncertain. Recently, a U.S. bankruptcy court granted FTX permission to liquidate up to $100 million in cryptocurrency holdings every week.

Additional $20 Million Moved

An update from on-chain investigator Lookonchain showed that FTX moved an additional $20 million worth of assets on October 28.

FTX crypto transfers
FTX Crypto Transfers. Source: Lookonchain

According to Lookonchain, FTX wallets transferred 309,185 Solana ($10 million), 2.03 million Band Protocol tokens ($3.15 million), 3.82 million Perpetual Protocol tokens ($2.3 million), and 46.67 million TrueFi tokens ($1.78 million).

Other assets that were part of these transfers include 4.39 million Biconomy tokens ($1 million), 915,048 Kyber Network Crystal tokens ($686,000), 5.47 million Civic tokens ($479,000), and 7,275 Barnbridge tokens ($30,000).

This brings the total value of assets the exchange has transferred this week to $78.7 million, per data from Lookonchain.

Meanwhile, these transactions come after FTX’s recent staking of $150 million worth of Ethereum and Solana tokens earlier this month.

These stakings were executed through the institutional staking platform Figment. They are expected to yield rewards of approximately 4% on Ethereum and 7% on Solana, respectively.

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.



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