Blockchain analytical firm Nansen uncovered substantial cryptocurrency transfers associated with the defunct FTX Exchange and Alameda Research. Over the course of a week, these wallets moved more than $60 million in digital assets across various blockchain networks. The significance and implications of these transfers remain uncertain, but they have raised eyebrows in the crypto community.
FTX’s Cryptocurrency Shuffle
Nansen’s investigation shed light on the extensive movement of digital assets tied to FTX. Initially, the exchange relocated $8.6 million worth of cryptocurrencies, including popular tokens like Chainlink, Avalanche, and Ethereum. Later in the week, an additional $24.3 million in digital assets made their way to cryptocurrency giants Coinbase and Binance.
According to Nansen, the total sum of these transfers exceeded $60 million. Of note, a staggering 943,000 SOL tokens, valued at approximately $32 million, were shifted from FTX’s cold storage wallet as of October 27, making it one of the most significant moves.
The connection between these transfers and FTX’s ongoing bankruptcy proceedings remains shrouded in mystery. Notably, a U.S. bankruptcy court recently granted FTX permission to liquidate up to $100 million in cryptocurrency holdings weekly. Whether these transfers are linked to the exchange’s financial struggles or serve another purpose is yet to be determined.
Additional Multimillion-Dollar Transfers
On October 28, an on-chain investigator, Lookonchain, revealed an additional $20 million worth of assets moved by FTX. This included 309,185 Solana tokens, 2.03 million Band Protocol tokens, 3.82 million Perpetual Protocol tokens, and 46.67 million TrueFi tokens. A range of other tokens, such as Biconomy, Kyber Network Crystal, Civic, and Barnbridge, also participated in the transfer, culminating in a staggering total value of $78.7 million in assets moved in just one week.
These transfers come on the heels of FTX’s recent staking of $150 million worth of Ethereum and Solana tokens. Executed through the institutional staking platform Figment, this strategic move is expected to yield substantial rewards, offering a glimpse into FTX’s long-term financial plans.