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The FTX crypto exchange, currently in bankruptcy, has transferred a significant sum of digital assets, raising eyebrows over potential market ramifications. Fresh data from Arkham Intelligence indicates that the struggling exchange moved assets totaling around $10 million from the Solana network to Ethereum.
The transfer, executed since the last day of August, involves $6.23 million in Ether and an additional $4 million in various altcoins. These altcoins include Uniswap valued at $1.8 million, HXRO at $1.3 million, FTX Token at $1.2 million, SushiSwap at $550,000, and Frontier Token with $260,000. The assets have been relocated to a different FTX wallet, courtesy of the Wormhole Bridge.
Previously, on August 24, FTX had floated the idea of appointing Galaxy Digital Capital Management, led by Mike Novogratz, to manage and oversee the sale of its reclaimed cryptocurrency holdings. The arrangement limits FTX to selling no more than $100 million worth of tokens per week, a ceiling that could potentially be doubled for specific tokens. This framework aims to shield the market from extreme volatility while enabling FTX to compensate its creditors.
Further to this, FTX has taken steps to safeguard its larger Bitcoin and Ether reserves through hedging, as per their court filings. Although these plans are not set in stone, they will likely face judicial scrutiny when the Delaware Bankruptcy Court convenes on September 13.
During a hearing held on April 12, FTX revealed it had gathered about $7.3 billion in recoverable assets. Of this, $4.8 billion had been obtained as of November 2022. Legal documents from this hearing showed that there were approximately $4.3 billion worth of crypto assets available for stakeholders to claim, based on April 12 market prices.
As for the future of FTX, CEO John Ray III has mentioned that they are actively seeking partners to relaunch the exchange. Legal representatives of FTX have indicated that the revamped platform is projected to be up and running by the second quarter of 2024.
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