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November 24, 2023

FTX Transfers $36 Million Worth of Altcoins Amidst Bankruptcy Proceedings

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

Introduction

On-chain data indicates that bankrupt crypto exchange FTX has recently transferred $36 million worth of altcoins to leading exchanges Coinbase and Binance. This move was detected by on-chain analytics firm Lookonchain, which reported that FTX deposited a total of ~$36 million in assets to these exchanges.

FTX Transfers $36 Million Worth of Altcoins Amidst Bankruptcy Proceedings

Details of the Transfer

FTX transferred 12.6 million MATIC ($9.4 million) to Coinbase and 10 million MATIC ($7.45 million) to Binance via FalconX. Additionally, FTX deposited 975,859 AVAX ($19.25 million) to Binance via FalconX.

Current Trading Prices

At the time of writing, Polygon (MATIC) is trading at $0.78, reflecting a 5% increase in the last 24 hours. Meanwhile, Avalanche (AVAX) is trading at $21.09, showing a 4.2% increase in the last 24 hours.

Bankruptcy Decisions

FTX's transfers come amidst other bankruptcy decisions related to the defunct platform's digital asset holdings. Earlier this month, FTX sought permission from a judge to sell off $744 million worth of Grayscale and Bitwise assets through an investment adviser. Lookonchain has reported that a total of $78.7 million in assets have been transferred out of the FTX bankruptcy estate, including native coins of Solana (SOL), Ethereum (ETH), Chainlink (LINK), Band Protocol (BAND), and Polygon.

Staking of Solana

In addition to the transfers, FTX has staked a significant amount of Solana. According to blockchain explorer SolanaFM, FTX and its trading arm Alameda Research created a stake of 5,546,217.04 SOL tokens last month.

Conclusion

FTX's recent transfer of $36 million worth of altcoins to Coinbase and Binance indicates a significant move in the midst of the exchange's bankruptcy proceedings. This transfer, along with other bankruptcy decisions and the staking of Solana, highlights the complex nature of FTX's digital asset holdings. Investors and traders should stay informed about these developments as they navigate the cryptocurrency market.

About the author
Natasha Fernandez
Natasha Fernandez
About

Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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