Wallets linked to the bankrupt cryptocurrency exchange FTX have taken action in the past hours. According to reports, it has started transfers for two private altcoins.
Mobility has begun in FTX wallets
The stock market, which collapsed in November 2022, took a concrete step for refunds last month with the expertise of Galaxy Digital. According to a last-minute development, wallets connected to FTX are now transferring altcoins.
According to the screenshot circulating on social media, FTX moved a variety of altcoins, from Chainlink (LINK) to MATH tokens and its own token FTT, all on Wormhole Bridge. Some of the FTX token transfers also cross-chain other networks. Colin Wu also reported LINK, SUSHI, LUNA and YFI transfers linked to the stock market.
The Solana address 6b4aypBhH337qSzzkbeoHWzTLt4DjG2aG8GkrrTQJfQA, which is marked as an FTX cold wallet, is transferring funds. Tokens such as LINK, SUSHI, LUNA, and YFI on the Solana are transferred to the Ethereum through bridges such as Wormhole. The transfer has been since…
— Wu Blockchain (@WuBlockchain) September 2, 2023
Wu noted that the ongoing transfer started on August 31. The exchange has transferred $10 million worth of altcoins so far. Data from Arkham shows that the FTX portfolio holds more than $675 million in crypto. Native token FTT remains the highest FTX reserve at $259.65 million. FTX’s second-highest crypto reserve is Bitcoin, with $100.57 million stored in the flagship cryptocurrency.
Which altcoins remain in the exchange’s reserves?
FTX also holds $17.30 million worth of Ethereum (ETH), according to Arkham’s report. This represents the exchange’s 7th largest crypto reserve. LINK, SUSHI, LUNA and YFI, which were included in the last transfer, constitute a smaller part of FTX’s reserves.
FTX has taken several steps towards revival since its unexpected collapse. Some crypto users think they can attribute the last fund transfer to this. Countless customers on the bankrupt exchange lost a lot of money. However, some users say that a relaunch with a different name could save some victims from the unfortunate crash.
Recently, FTX hired US crypto company Galaxy as an advisor to help maintain and sell crypto reserves. According to reports, management of Bitcoin and Ether will reduce FTX’s exposure to negative price movements ahead of the sell-off. As Kriptokoin.com, we have included the details in this article.
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