Maker

Solana

Kevin

Arkham

Chainlink

Addresses linked to defunct crypto exchange FTX transferred more than $10 million in digital assets to Coinbase and Binance during the early hours of today, Oct. 25, according to on-chain data.
<a href="https://platform.arkhamintelligence.com/explorer/address/0xde9A61c2b776e2F4C6ddB0C9Ad5cCfCfC15B0a9B" rel="noopener noreferrer nofollow">Data</a> from the Arkham Intelligence platform indicates that the assets involved in this transfer encompass 2,904 <a href="https://cryptoslate.com/coins/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> (equivalent to $5.18 million), 1,341 <a href="https://cryptoslate.com/coins/maker/" rel="noopener noreferrer nofollow">Maker</a> (with a value of $2.02 million), 198,000 <a href="https://cryptoslate.com/coins/chainlink/" rel="noopener noreferrer nofollow">Chainlink</a> (approximately $2.26 million), and 12,000 <a href="https://cryptoslate.com/coins/aave/" rel="noopener noreferrer nofollow">AAVE</a> (totaling around $1.03 million).
It is unclear if the transfers are connected to the exchange’s bankruptcy proceedings. However, the timing of the transactions has sparked concerns within the crypto community, considering the recent green run of the broader crypto market.
These transactions are in line with FTX’s recent activities. FTX <a href="https://cryptoslate.com/ftx-liquidators-stake-150m-in-ethereum-and-solana-tokens-during-weekend/" rel="noopener noreferrer nofollow">staked</a> Ethereum and Solana assets valued at $150 million earlier this month. In September, the exchange <a href="https://cryptoslate.com/ftx-reorganizing-on-chain-assets-by-bridging-tokens-consolidating-holdings/" rel="noopener noreferrer nofollow">disclosed</a> its intentions to migrate bridged tokens from various networks to their native blockchains.
FTX did not respond to a request for comment as of press time.
<h2 class="s3" id="span-class-s2-ftx-considering-possible-operation-restart-span">FTX considering possible operation restart</h2>
FTX is <a href="https://www.bloomberg.com/news/articles/2023-10-24/ftx-is-negotiating-with-three-bidders-to-restart-crypto-exchange#xj4y7vzkg" rel="noopener noreferrer nofollow">reportedly</a> contemplating a relaunch of its trading operations. Kevin Cofsky, an investment banker for the exchange, revealed that the firm is actively reviewing proposals from three entities.
During a court hearing, Cofsky indicated that the relaunch could occur independently or via a strategic partnership, and the exchange could even be sold. A final decision on the path forward will be reached by mid-December.
Speculation surrounding the relaunch of FTX Exchange has circulated since January, initiated by CEO John Ray’s formation of a task force to explore the feasibility of <a href="https://cryptoslate.com/ftx-token-jumps-12-after-news-of-possible-restart-emerges/" rel="noopener noreferrer nofollow">restarting </a>FTX.com.
This idea has garnered support from former FTX users who view a reboot as a more advantageous path than a complete liquidation.
In a recent development, FTX has unveiled a proposed settlement strategy that could return over $9 billion in customer funds by 2024. Under this <a href="https://cryptoslate.com/ftx-eyes-return-of-9-billion-in-customer-funds-through-settlement-proposal/" rel="noopener noreferrer nofollow">plan</a>, exchange users could potentially recoup up to 90% of their frozen assets.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/bankrupt-ftx-shifts-10m-in-assets-to-coinbase-and-binance/">Bankrupt FTX shifts $10M in assets to Coinbase and Binance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bankrupt FTX shifts $10M in assets to Coinbase and Binance

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