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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/ftx-wallet-moves-10-million-in-cryptocurrency-major-sell-off-on-horizon/">FTX Wallet Moves $10 Million in Cryptocurrency, Major Sell-Off On Horizon?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>FTX’s wallet transfers are not new and many instances of fraud, and misusing customer funds are part of FTX’s fiasco. Recently a wallet connected to the bankrupt FTX crypto exchange has caused a stir by shifting $10 million in digital assets from Solana to Ethereum. This has worried people about possible token sales that could FUD in the crypto market.</p> 
<p>It has been in question since August 31, Data from Arkham Intelligence, a blockchain analysis company, shows that the FTX wallet moved $6.23 million in Ether and over $4 million in various altcoins. Among them are $1.2 million in FTX Token, $1.8 million in Uniswap, $1.3 million in HXRO, $550,000 in SushiSwap, and $260,000 in Frontier Token. All of these assets went to another FTX wallet via the Wormhole Bridge. Another scam or customers will be lucky this time?&nbsp;</p> 
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   <p lang="en" dir="ltr">JUST IN: Since August 31, a wallet associated with FTX has sent around $10 million in tokens related to projects on the Solana ecosystem through the Wormhole bridge to another FTX wallet, according to Arkham Intelligence.</p>— unusual_whales (@unusual_whales) <a href="https://twitter.com/unusual_whales/status/1698456081390039490?ref_src=twsrc%5Etfw">September 3, 2023</a>
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<p>FTX recently proposed a bankruptcy plan, Galaxy Digital Capital Management, led by Mike Novogratz, may oversee the sale of recovered crypto assets. They could sell up to $100 million in tokens weekly, potentially raising it to $200 million per token. This ensures creditors are paid without overloading token sales. On a similar ground, FTX has also requested a separate plan to hedge its bigger Bitcoin and Ether holdings. These proposals aren’t official yet, but the Delaware Bankruptcy Court will hear the case on September 13.&nbsp;</p> 
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> FTX wallets on the move<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Over $1.5B worth of <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>, SPL tokens, and Wrapped <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in FTX's Solana addresses are shifting<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/203c.png" alt="‼" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Looks like they're gearing up for potential sell-offs.<br><br> Keep an eye on this, especially the ~$200M in <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> Wrapped <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>.<a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> … <a href="https://t.co/sRDI6hvTJD">pic.twitter.com/sRDI6hvTJD</a></p>— Pump House 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f365.png" alt="🍥" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@pumphouz) <a href="https://twitter.com/pumphouz/status/1698215907506499852?ref_src=twsrc%5Etfw">September 3, 2023</a>
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<p>If it happens it will be another blower as the market will further liquidate adding sell pressure on assets.&nbsp;</p> 
<p>In April, FTX revealed they’d recovered about $7.3 billion in assets, with $4.8 billion of that by November 2022. As of April 12, they had $4.3 billion in crypto assets available for stakeholder recovery.</p>

FTX Wallet Moves $10 Million in Cryptocurrency, Major Sell-Off On Horizon?

CoinPedia News

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