FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy

Blockchain analytics firm Nansen has recently revealed that wallets associated with bankrupt crypto exchange FTX have transferred approximately $156 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in a series of transactions over the past week. 

The movement of these funds has raised concerns and attracted the attention of industry experts and investors. Nansen’s report sheds light on the ongoing transfers and provides valuable insights into the extent of FTX’s asset movements.

According to the Nansen report, funds from FTX wallets have continued to migrate to various exchanges since the previous update. The report specifies the following notable transactions:

• 695,000 Perpetual Protocol (PERP) tokens worth $423,000
• 767,000 Biconomy (BICO) tokens worth $182,000
• 833,000 Kyber Network (KNC) tokens worth $616,000
• 108 million TrueFI (TRU) tokens worth $420,000
• 138,000 Band (BAND) tokens worth $221,000
• 2.5 million Graph (GRT) tokens worth $273,000
• 845 Maker (MKR) tokens worth $1.17 million
• 7.16 million Render (RNDR) tokens worth $17.8 million
• 10.5 million USD Coin (USDC)
• 23,000 Polygon (MATIC) tokens worth $15,000
• 9.5 million Ren (REN) tokens worth $500,000
• 1.1 million ETH tokens worth $2 million

Additionally, the report highlights that an additional 1.6 million SOL tokens worth $57.6 million have initiated the unstaking process. While these funds have not yet left the associated wallet, their potential movement would bring the total SOL tokens moved by FTX to just under $90 million. 

Moreover, considering the unstaking of SOL and the new assets transferred by FTX to Coinbase and Binance, the total value of funds moved by FTX now stands at $156 million.

Nansen’s previous investigation revealed significant transfers from wallets linked to FTX and Alameda Research, FTX’s trading arm.

These funds were initially withdrawn from FTX and Alameda wallets before being sent to intermediary wallets and eventually deposited into Binance and Coinbase. The report discloses the following noteworthy movements:

• 2.2 million USD worth of Chainlink (LINK) tokens
• 1 million USD worth of Aave (AAVE) tokens
• 2 million USD worth of MKR tokens
• 3.4 million USD worth of ETH tokens

In addition to these transfers, Nansen discovered that 943,000 SOL tokens, equivalent to approximately $32 million, were moved from the FTX Cold Storage wallet.

Overall, the recent findings by Nansen regarding the movement of funds from wallets associated with the bankrupt crypto exchange FTX have sparked concerns within the cryptocurrency community. 

The report highlights substantial transfers of various digital assets, including ETH and SOL, and provides insight into the scale of FTX’s asset movements. 

As of the current market conditions, FTX’s native token, FTT, is trading at $1.23. Despite a false breakout on October 23, where the token briefly surpassed $1,360, it has since declined consistently. 

However, over the past 30 days, FTT has maintained a profit margin of 3.7%, signifying relative stability within this time frame.

Featured image from Shutterstock, chart from TradingView.com