- Cold wallets linked to FTX and the exchange’s sister company have moved millions.
- The transferred funds included an assortment of cryptocurrencies.
- A bigger part of the funds was deposited to centralized exchanges.
Sam Bankman-Fried’s defunct crypto exchange FTX might be up to something big, especially now that the company is contemplating a fresh restart following its collapse in November 2022.
Hardly a day after media outlets reported that FTX is actively engaging at least three bidders for a potential revival, it emerged that cold wallets linked to the exchange and its sister company, Alameda Research, have transferred assorted tokens worth millions of dollars to exchange deposit accounts. Â
Debtor Group Moves Over $19 Million in Crypto
In a Twitter (X) post shared on October 26, blockchain analytics firm PeckShield revealed that an FTX-linked cold storage-labeled address on Solana had moved 470,000 SOL (about $15 million) and transferred some of the funds to centralized exchanges like Binance.
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Per PeckShield’s post, another FTX cold storage-labeled address on Ethereum transferred about $2.5 million in assorted cryptocurrencies to Binance Deposit, including 11,000 in Compound (COMP) and 974,000 in Render (RNDR).
Further, an FTX-labeled address transferred 1,393 ETH ($2.5 million) to Coinbase, bringing the total amount moved within a few hours to over $19 million.
Specifically, blockchain analytics platform Spot On Chain estimates that a total of $13.35M worth of six assets have been deposited to centralized exchanges Binance and Coinbase.
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The wallet addresses involved in these transactions are believed to be in the control of an FTX debtor group that has made several transactions in the past week.
The Active FTX Debtor Group
On September 4, an FTX-linked wallet likely under the debtor group’s control transferred over $10 million in mixed cryptocurrencies from Solana to the Ethereum network via the Wormhole bridge.
Almost two weeks later, in a move seen to be a big bet on Solana, FTX’s bankruptcy estate staked over 5.5 million SOL, valued at $122 million, and over 24,000 ETH, worth $30 million.
Stay updated on SBF’s plan to testify in the FTX fraud trial:
SBF to Take a Legal Gamble and Testify in FTX Fraud Trial
Read how an FTX customer lost money because he trusted SBF:
FTX Customer Duped by SBF’s Lies Details Brutal $300K Loss
