Bankrupt crypto change FTX revealed in a tweet on Sept. 6 that it’s within the means of transferring its cryptocurrency holdings.
The corporate mentioned 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 an in depth relationship with Solana, and the 2 events fashioned mutual investments and partnerships previous to FTX’s collapse.
The precise worth of FTX’s crypto holdings stays unsure. Studies from April prompt that FTX had recovered $7.3 billion of money and crypto however supplied no distinction between the 2. Arkham Intelligence, which supplies information on FTX’s recognized addresses, means that the corporate has no less than $384 million of crypto together with 1,169 SOL ($23,860).
FTX’s newest assertion could partially affirm experiences from Sept. 2. These experiences prompt that the corporate moved $10 million in SOL and different Solana-based altcoins to Ethereum through the Wormhole Bridge in a matter of days.
Consolidating property
Although FTX didn’t present any purpose 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 may redeem property, compensate clients, and presumably relaunch its change.
The most recent transfers usually are not 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, experiences from March recommend that FTX transferred about $100 million of {dollars} price 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 offered its stake in Mysten Labs, offered its LedgerX acquisition, and initiated a now-paused sale of Anthropic AI shares stake in 2023.
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