A wallet owned by bankrupt cryptocurrency exchange FTX has moved $10 million worth of digital assets from the Solana (SOL) network to Ethereum, raising concerns that it could be a chain of tokens in the exchange’s bankruptcy proceedings The start of the dump.
Since Aug. 31, FTX wallets have moved $6.23 million worth of ether (ETH) and more than $4 million in altcoins, according to data from blockchain analytics platform Arkham Intelligence.
These include FTX Token (FTT) worth $1.2 million, Uniswap (UNI) worth $1.8 million, HXRO (HXRO) worth $1.3 million, SushiSwap (SUSHI) worth $550,000 and Frontier $260,000 The token (FRONT) is transferred from another FTX wallet to the Wormhole Bridge.
FTX wallets on the move
Worth more than $1.5B $SOLSPL tokens and Wrapped #bitcoin FTX’s Solana address is changing‼ ️
It looks like they are bracing for a potential sell-off.
Keep an eye on this, especially around $200 million #solana pack bitcoin dollar.#cryptocurrency #bitcoin … pic.twitter.com/sRDI6hvTJD
— Pumphouse (@pumphouz) September 3, 2023
On Aug. 24, FTX proposed a plan to appoint Mike Novogratz’s Galaxy Digital Capital Management as investment manager to oversee the sale and management of its repossessed crypto assets.
Under the plan, the FTX property is only able to sell $100 million in tokens per week, however, this limit may be raised to $200 million for individual tokens. These restrictions are intended to minimize the impact of the token sale while enabling FTX to complete creditors.
In addition to the plan, the exchange has filed a separate motion to hedge its large Bitcoin (BTC) and Ether holdings.
While the claims made in the filing are not yet legally binding, the FTX token sale case is expected to go before Delaware bankruptcy court on Sept. 13.
related: FTX Court Documents Reveal Ex-Alameda CEO’s $2.5 Million Yacht Purchase
At the April 12 hearing, FTX disclosed that it had recovered approximately $7.3 billion in liquid assets, of which $4.8 billion was recovered through November 2022.
according to document As of April 12, FTX held a total of $4.3 billion in encrypted assets, available for stakeholders to recover at market prices.
FTX’s current restructuring plans include a possible restart of the cryptocurrency exchange, and FTX CEO John Ray III said the company has “began to solicit interested parties to restart the FTX.com exchange.”
According to FTX lawyers, the launch of the new exchange is expected to be completed sometime in the second quarter of 2024.
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