- FTX has recently moved 470,000 SOL tokens, equivalent to $15 million, from a cold wallet to various centralized exchanges such as Binance and Coinbase.
- The movement also included a transfer of $2.5 million worth of various cryptocurrencies from an FTX cold storage-labeled address on Ethereum to Wintermute, a notable global algorithmic trading firm for digital assets.
FTX, a once dominant name in the crypto space that succumbed to a bankruptcy episode, is back in the news with its recent activity on the blockchain. A designated cold storage address tagged under FTX’s name on Solana’s blockchain network has seen a notable movement, transferring an impressive 470,000 SOL tokens, summing up to an approximate value of $15 million, as reported by PeckShieldAlert on October 26.
Solana and Ethereum Assets in Motion
Diving into the specifics of these transactions, a portion of the withdrawn funds made their way to centralized exchanges (CEX) such as Binance and Coinbase. These platforms, renowned for their extensive user base and trading volume, are pivotal in the crypto ecosystem for various trading and investment activities.
The story doesn’t end with Solana. A similar scenario unfolded on the Ethereum blockchain, where an FTX cold storage-labeled address was involved in the transfer of cryptocurrencies worth $2.5 million. Prominent digital assets such as $COMP and $RNDN found their way to Wintermute, a well-regarded algorithmic trading firm that operates on a global scale, specializing in digital assets.
Wintermute Trading, as per the information available, has received over $10.49 million in crypto assets from addresses associated with FTX. The received funds, transferred via reputable centralized exchanges including Binance and Coinbase, consisted of various cryptocurrencies like ETH, MKR, LINK, AAVE, COMP, and RNDN.
The influx of these assets correlates with the recent bullish trends observed in the crypto market, where assets like ETH, SOL, LINK, and AAVE have experienced significant price appreciations. For instance, SOL showcased an impressive 5.55% growth within the last 24 hours.
FTX, following its tumultuous period last year marked by a liquidity crunch and subsequent bankruptcy, announced the transfer of all remaining assets to cold storage in an attempt to stem further losses. This was in the wake of unauthorized transactions that had plagued the exchange.
Fast forward to the present, the bankrupt cryptocurrency exchange under the leadership of its newly appointed CEO, John J. Ray III, is charting a course for recovery. Earlier in the year, Ray disclosed a forthcoming plan aimed at reviving the exchange. Currently, FTX is actively exploring potential bids, gearing up to present a robust plan for its re-emergence by December.
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