FTX Moves $20M from Cold Wallets to Crypto Exchanges

FTX Moves $20M from Cold Wallets to Crypto Exchanges

Time Stamp: October 26, 2023 11:59 AM
FTX Moves $20M from Cold Wallets to Crypto Exchanges PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The 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.

Besides that, an Ethereum -based wallet linked to FTX
transferred $2.5 million worth of various tokens, including 11,000
COMP tokens, to a Binance deposit address. Additionally, another transfer of 1,395
Ether (ETH), valued at $2.5 million, was moved to Coinbase.

Cold 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, 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 concern about the motive
behind these transactions.

LINK, AAVE, MKR, and ETH on the Move

The assets transferred include $2.2 million in LINK, $1 million in AAVE, $2 million in MKR, and
$3.4 million in ETH. While clarifying that it doesn’t track off-chain transactions, Nansen speculated that these funds could have been moved for sale or to prepare them for sale.

Over 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%.

The 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.

Besides that, an Ethereum -based wallet linked to FTX
transferred $2.5 million worth of various tokens, including 11,000
COMP tokens, to a Binance deposit address. Additionally, another transfer of 1,395
Ether (ETH), valued at $2.5 million, was moved to Coinbase.

Cold 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, 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 concern about the motive
behind these transactions.

LINK, AAVE, MKR, and ETH on the Move

The assets transferred include $2.2 million in LINK, $1 million in AAVE, $2 million in MKR, and
$3.4 million in ETH. While clarifying that it doesn’t track off-chain transactions, Nansen speculated that these funds could have been moved for sale or to prepare them for sale.

Over 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%.

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