FTX’s Cold Wallets Relocate $19 Million to Various Exchanges – What’s Going On?

The group overseeing the cold wallets tied to bankrupt crypto exchange FTX has sent over $19 million worth of crypto to various exchanges, according to blockchain data.

On-chain analytics firm Peckshield reported that around 470,000 SOL tokens, with a value of around $15.5 million, were moved to different wallets, with some of these funds finding their way to wallets belonging to “CEXs like Binance.”

In addition, #FTX-labeled address has transferred ~1,393 $ETH (~$2.5M) to #Coinbase pic.twitter.com/EmMjL2wIGV

— PeckShieldAlert (@PeckShieldAlert) October 26, 2023

Additionally, an Ethereum (ETH) wallet that was also labeled by blockchain explorers as belonging to FTX also conducted transfers, involving $2.5 million worth of different Ethereum-based ERC-20 tokens, sent to a Binance deposit address.

Included in those transactions was a transfer of 11,000 Compound (COMP) tokens and around 974,000 Render (RNDR), Peckshield wrote.

In another transaction, 1,395 ETH, equivalent to around $2.5 million, was transferred to a Coinbase address.

The latest transactions are not the first time the debtor group managing the FTX wallets has executed transactions.

Earlier in October, FTX staked over $122 million in SOL using Figment, a well-known network validator for staking.

It’s worth noting that a substantial amount of SOL allocated to the FTX bankruptcy estate unlocks on a monthly basis as per the vesting schedule, offering the estate the opportunity to sell these assets if they choose to do so.

The estate is managed by a trustee, whose role includes overseeing asset recovery and distribution to creditors.

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