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Bankrupt crypto change FTX revealed in a tweet on Sept. 6 that it’s within the technique of transferring its cryptocurrency holdings.
The corporate stated that it’s transferring bridged tokens on a number of networks to their native blockchains. FTX has but to reveal the particular cryptocurrencies affected by this initiative, in addition to the precise quantity being transferred.
FTX added that it’s migrating Solana (SOL) to BitGo, its certified cryptocurrency custodian. FTX previously maintained a detailed relationship with Solana, and the 2 events shaped mutual investments and partnerships previous to FTX’s collapse.
The precise worth of FTX’s crypto holdings stays unsure. Reviews from April advised that FTX had recovered $7.3 billion of money and crypto however offered no distinction between the 2. Arkham Intelligence, which supplies knowledge on FTX’s identified addresses, means that the corporate has a minimum of $384 million of crypto together with 1,169 SOL ($23,860).
FTX’s newest assertion might partially verify reviews from Sept. 2. These reviews advised that the corporate moved $10 million in SOL and different Solana-based altcoins to Ethereum by way of the Wormhole Bridge in a matter of days.
Consolidating property
Although FTX didn’t present any cause for the most recent transfers, its actions appear to be a part of its ongoing makes an attempt to consolidate property. After FTX gathers its funds, it might redeem property, compensate clients, and presumably relaunch its change.
The most recent transfers will not be the corporate’s solely makes an attempt to maneuver and collect funds. On Aug. 24, the corporate filed to have Galaxy Digital handle gross sales of cryptocurrency on a recurring foundation. Moreover, reviews from March recommend that FTX transferred about $100 million of {dollars} value of stablecoins to exchanges.
Whereas FTX has not formally confirmed all of its transfers, it has been extra clear about non-crypto transactions. The corporate bought its stake in Mysten Labs, bought its LedgerX acquisition, and initiated a now-paused sale of Anthropic AI shares stake in 2023.
The submit FTX reorganizing on-chain property by bridging tokens, consolidating holdings appeared first on CryptoSlate.
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