FTX Have Moved Up to $156 Million Worth of Digital Assets, Including ETH and SOL
In a surprising turn of events, blockchain analytics firm Nansen has unveiled a startling revelation regarding FTX, the cryptocurrency exchange that filed for bankruptcy last year. According to their recent report, wallets connected to the beleaguered exchange have been on the move, transferring an astonishing $156 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in a series of transactions over the past week.
The bombshell revelation came to light on October 31 when Nansen took to X (formerly known as Twitter) to disclose that FTX had initiated the process of unstaking a considerable amount of Solana tokens. Specifically, 1.6 million SOL tokens, valued at around $57.6 million, were unstaked on October 30. Although these unstaked assets are currently residing in the staking wallet, the movement is expected to raise the total SOL transferred to nearly $90 million.
If we include the unstaking of SOL and the new assets that FTX has moved to Coinbase and Binance mentioned at the start of this tweet, the new total of funds moved by FTX is now:
$156M
We’ll keep you updated on any new movementshttps://t.co/jKnLdUOkHZ
— Nansen 🧭 (@nansen_ai) October 31, 2023
It is worth noting that earlier in the month, FTX’s liquidators staked approximately $120 million in Solana tokens through Figment, a prominent institutional staking service provider. This strategic maneuver is anticipated to yield up to a 7% return in staking rewards and is seen as a move by the bankrupt firm to maximize the value of its remaining assets.
$156 Million in Transfers
Nansen’s report not only exposed FTX’s unstaking activities but also shed light on the larger picture of FTX’s fund movements over the past week. The blockchain analytics firm has traced a web of transactions originating from FTX’s wallets to various crypto exchanges, including Binance and Coinbase, resulting in a staggering transfer of approximately $156 million worth of digital assets.
Nansen’s analysis revealed the breadth of this movement, encompassing a diverse range of digital assets. Among the assets transferred were 1,100 ETH valued at $2 million, 10.5 million USDC, and 7.6 million Render tokens, amounting to $500,000. Furthermore, FTX moved 833,000 Kyber Network Crystal (KNC) tokens, equivalent to $616,000, and 108 million TRUE tokens worth $420,000.
The list of assets in motion also included 138,000 Band Protocol tokens valued at $221,000, 2.5 million The Graph tokens equivalent to $273,000, 845 Maker tokens valued at $1.17 million, and 9.5 million REN tokens worth $500,000.
In addition to these assets, there were 695,000 Perpetual Protocol Tokens valued at $423,000, 767,000 Biconomy Tokens worth $182,000, and 23,000 Polygon tokens worth $15,000. The sheer diversity of these digital assets underscores the complex nature of FTX’s financial situation and its efforts to manage and potentially salvage its assets.
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