- SBF’s fallen crypto exchange has transferred millions of dollars.
- The transactions were linked to the exchange and its sister company.
- Observers speculate an upcoming sell-off move.
Wallets linked to Sam Bankman-Fried’s defunct crypto exchange FTX and its sister company Alameda Research have been active in the last 24 hours, transferring crypto worth millions of dollars to centralized exchanges.
The development comes after cold wallets linked to the exchange and its sister company reportedly moved over $19 million in assorted tokens on October 26, sparking speculations of a possible sell-off move.
Millions Moved to Coinbase and Binance
According to blockchain data analytics company Spot On Chain, on November 1, a wallet address associated with FTX deposited three assets totaling $8.12 million to crypto exchange Coinbase, including 46.5 million GRT ($4.85 million), 972,073 Render (RNDR) ($2.3 million), and 708.1 Maker ($967,000).
Almost three hours after the first round of transactions, FTX and Alameda Research sent six crypto assets totaling $5.49 million to Coinbase and Binance. The top cryptocurrencies transferred in the second round included 1.14 million dYdX (DYDX) ($2.64 million), 192,888 Axie Infinity (AXS) ($1.05 million), and 5,858 Aave (AAVE) ($522,000).
Sponsored
Cumulatively, the wallets moved $13.6 million.
FTX has been on a transaction spree over the last few weeks following a September 13 court order that allowed the bankrupt exchange to liquidate its crypto assets, a move the company said would enable it to indemnify customers in U.S. dollars and minimize volatility risks in the crypto market.
Sponsored
While this is true, given that risks related to volatility in the crypto markets can be relatively high, the recent transactions could also signal a possible sell-off around the corner.
An Upcoming Sell-Off?
FTX has multiple options on the table regarding its future post-bankruptcy.
According to FTX’s investment banker, Kevin Cofsky, the exchange is in active negotiations with at least three bidders.
Cofsky revealed that once the bankruptcy court of the District of Delaware decides FTX’s fate in December, the exchange could enter an acquisition deal, partner with another entity, or embark on a solo ride to reboot its trading platform.
Read how an FTX customer lost money because he trusted SBF:
FTX Customer Duped by SBF’s Lies Details Brutal $300K Loss
Stay updated on FTX’s bitcoin price manipulation plot as revealed during trial:
Shocking FTX Trial Unearths Bitcoin Price Manipulation Plan
