FTX Transfers $20M from Cold Wallets to Crypto Exchanges, including Binance
A group of debtors managing the cold storage wallets of the collapsed crypto exchange FTX has transferred more than $19 million worth of assorted tokens to various crypto exchange addresses.The on-chain analytics firm Pe...
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A group of debtors managing the cold storage wallets of the collapsed crypto exchange FTX has transferred more than $19 million worth of assorted tokens to various crypto exchange addresses.
The on-chain analytics firm Peckshield, as quoted by Coindesk, revealed that approximately 470,000 SOL tokens, valued at $15 million based on current market prices, were transferred to different wallets on various crypto exchanges, including Binance.
FTX Transfers $2.5M to Binance
Besides that, an Ethereum-based wallet associated with FTX executed a transfer of assets totaling $2.5 million, encompassing 11,000 COMP tokens, to a Binance deposit address. In a separate transaction, 1,395 Ether (ETH), with a valuation of $2.5 million, found its way to Coinbase.
#PeckShieldAlert #FTX Cold Storage-labeled address on #Solana has transferred ~470K $SOL (~$15M) out. Some of these funds have been sent to #CEXs like #Binance #FTX Cold Storage-labeled address on #Ethereum has transferred ~$2.5M worth of cryptos, including 11K $COMP & ~974K… pic.twitter.com/KSi4Fgf3Al
— PeckShieldAlert (@PeckShieldAlert) October 26, 2023Cold storage refers to offline wallets that are not connected to the internet. This stands in contrast to hot wallets, which are held on crypto exchanges and are accessible online. Cold storage adds an extra layer of security to the storage of digital assets.
In a separate report, the blockchain analytics firm Nansen disclosed a significant transfer of crypto assets worth $8.6 million from FTX and Alameda Research. These funds, comprising Chainlink (LINK), Aave (AAVE), Maker (MKR), and ETH, found their way to a Binance address, raising concerns about the motive behind these transactions.
LINK, AAVE, MKR, and ETH on the Move
The transferred assets comprise $2.2 million in LINK, $1 million in AAVE, $2 million in MKR, and $3.4 million in ETH. Nansen, while emphasizing that it does not track off-chain transactions, raised the possibility that these funds might have been relocated with the intent of selling or preparing them for sale.
FTX and Alameda funds are on the move! 🏃- 2.2M USD LINK- 1M USD AAVE- 2M USD MKR- 3.4M USD ETHThese funds moved to 0xde9 then 0xaee which is a Binance addressWe don't track offchain movements, but presumably, this is to either sell or to prepare to sell these funds pic.twitter.com/n6jfyghDmk
— Nansen 🧭 (@nansen_ai) October 25, 2023Over a week ago, FTX staked $150 million in crypto assets, specifically Solana's SOL and ETH. This move aimed to generate a return for the investors who suffered losses following the collapse of FTX.
According to a recent report by Finance Magnates, FTX staked over 5.5 million SOL, valued at $122 million, and more than 24,000 ETH, worth $30 million. The staked tokens are expected to yield an annual return of 6.79%, potentially resulting in more than $8 million in SOL tokens. On the other hand, the staking of ETH was conducted directly on the network, promising an annual return of 3.4%.
This article was written by Jared Kirui at www.financemagnates.com.Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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