FTX Token

Key Points:<ul><li>FTX’s massive $36M asset transfer to Coinbase and Binance.</li><li>Breakdown: MATIC to Coinbase, MATIC, and AVAX to Binance.</li><li>Ongoing bankruptcy saga reveals FTX’s evolving digital asset strategy.</li></ul>In a surprising turn of events, the beleaguered <a href="https://cryptosnewss.com/ftxs-36-million-asset-shuffle-matic-and-avax-exodus-to-binance/" rel="noopener noreferrer nofollow">crypto exchange FTX</a>, currently navigating bankruptcy, has executed a substantial transfer of assets. On-chain data, meticulously scrutinized by analytics firm Lookonchain, reveals that FTX moved a staggering $36 million worth of altcoins to two prominent exchanges within the last 24 hours.The breakdown of this substantial transfer is as follows:<ol><li>Coinbase Welcomes 12.6 Million MATIC: FTX initiated a deposit of 12.6 million MATIC (valued at $9.4 million) to Coinbase, boosting the exchange’s MATIC reserves.</li><li>Binance Gains 10 Million MATIC and 975,859 AVAX: The lion’s share of FTX’s asset transfer was directed towards Binance. A total of 10 million MATIC (equivalent to $7.45 million) arrived via FalconX, alongside a hefty deposit of 975,859 AVAX (amounting to $19.25 million).</li></ol>While Polygon (MATIC) is presently trading at $0.78, experiencing a 5% surge in the last 24 hours, Avalanche (AVAX) is valued at $21.09, reflecting a 4.2% increase within the same timeframe.This move by FTX comes against the backdrop of its ongoing bankruptcy proceedings, shedding light on the defunct platform’s management of digital asset holdings. Notably, earlier this month, FTX sought judicial approval to liquidate $744 million worth of Grayscale and Bitwise assets through an investment adviser._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/ftxs-liquidation-saga-36-million-in-altcoins-shifted-to-coinbase-and-binance/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on November 24, 2023.

FTX’s Liquidation Saga: $36 Million in Altcoins Shifted to Coinbase and Binance

Cryptos Newss

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