Token

Future

Solana

Million

A wallet linked to the bankrupt cryptocurrency exchange FTX has recently moved $10 million worth of digital assets from the Solana network to Ethereum, triggering concerns that this could mark the beginning of a series of token dumps amid the exchange's bankruptcy proceedings.   
This development has raised questions within the cryptocurrency community about the potential impact on FTX's creditors and the broader market.   
According to data from blockchain analytics platform Arkham Intelligence, starting on August 31st, the FTX wallet in question has executed transfers of $6.23 million worth of Ether (ETH) and over $4 million in various altcoins.   
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These altcoins include $1.2 million worth of FTX Token, $1.8 million in Uniswap (UNI), $1.3 million of HXRO (HXRO), $550,000 in SushiSwap (SUSHI), and $260,000 in Frontier Token (FRONT). Notably, these assets were moved to another FTX wallet via the Wormhole Bridge.   
FTX's bankruptcy proceedings have been marked by strategic moves to manage its recovered crypto holdings.   
On August 24th, the exchange proposed a plan to appoint Galaxy Digital Capital Management, led by Mike Novogratz, as the investment manager responsible for overseeing the sale and management of the recovered crypto assets.   
Under this plan, FTX would be limited to selling $100 million worth of tokens per week, with the potential to raise the limit to $200 million for individual tokens.   
These limits are designed to minimize the impact of token sales while ensuring that FTX can meet its obligations to creditors.   
In addition to this proposal, FTX filed a separate motion to hedge its larger holdings of Bitcoin and Ether.   
While these propositions are not legally binding at this stage, the matter of FTX token sales is expected to be considered by the Delaware Bankruptcy Court on September 13th.   
During an April 12th hearing, FTX revealed that it had recovered approximately $7.3 billion in liquid assets, with $4.8 billion of that total comprising assets recovered as of November 2022.   
This sizable sum of recovered assets underscores the complexity of the bankruptcy proceedings and the significant financial stakes involved.  
The post <a rel="noopener noreferrer nofollow" href="https://optimisus.com/news/crypto-news/ftx-exchange-wallet-moves-10-million-in-crypto-raising-concerns-of-future-token-sell-offs/">FTX Exchange Wallet Moves $10 Million in Crypto, Raising Concerns of Future Token Sell-Offs</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://optimisus.com">Optimisus</a>.

FTX Exchange Wallet Moves $10 Million in Crypto, Raising Concerns of Future Token Sell-Offs

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