Why FTX Moved $60 Million in Crypto Within 1 Week
FTX Exchange moves huge crypto funds: $60 million in one week! Details on where it went and why.
Nansen, a well-known blockchain analysis company, has found that the closed FTX Exchange and Alameda Research transferred over $60 million in digital currencies in just one week. These funds were sent to popular exchanges, Coinbase and Binance.
Earlier, FTX had shifted $8.6 million in crypto, which included names likeChainlink, Avalanche, and Ethereum. Later in the week, they sent around $24.3 million to Binance and Coinbase. Adding up everything, by October 27, FTX moved assets worth $60 million, which includes a significant amount of 943,000 SOL ($32 million).
The reason behind these big moves is not clear. But we do know that a U.S. court recently allowed FTX to sell up to $100 million of its crypto every week.
Extra $20 Million Sent Out
Another update, this time from Lookonchain, reported that FTX transferred an extra $20 million on October 28. This includes different digital currencies like Solana, Band Protocol, and TrueFi tokens among others. So, the total crypto sent by FTX this week is close to $78.7 million.
Lastly, remember that FTX had also staked $150 million in Ethereum and Solana earlier this month. They used a platform called Figment and hope to get rewards of about 4% on Ethereum and 7% on Solana from this investment.
