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FTX’s Cold Wallets Relocate $19 Million to Various Exchanges – What’s Going On?

The committee responsible for the cold wallets associated with the insolvent crypto platform FTX has dispatched crypto assets valued at over $19 million to multiple exchanges, as indicated by blockchain records.

Peckshield, an on-chain analysis company, disclosed that roughly 470,000 SOL tokens, worth approximately $15.5 million, were transferred to several wallets. A portion of these funds was directed to wallets associated with major exchanges, notably Binance.

Furthermore, a wallet on the Ethereum (ETH) blockchain, identified by blockchain trackers as linked to FTX, carried out transfers. This involved around $2.5 million in various Ethereum-based ERC-20 tokens, which were directed to a Binance deposit address. Among these transactions, transfers included 11,000 Compound (COMP) tokens and about 974,000 Render (RNDR) tokens, as reported by Peckshield.

In a separate move, 1,395 ETH, valued at roughly $2.5 million, was shifted to a Coinbase wallet.

Not the first time FTX funds move

This isn’t the inaugural set of transactions carried out by the managing entity of the FTX’s wallets in their debtor capacity.

Previously in October, FTX staked an impressive sum of over $122 million in SOL through Figment, a reputable validator in the staking ecosystem.

Importantly, a considerable volume of SOL earmarked for the FTX insolvency estate is released monthly, in line with a predetermined vesting plan. This arrangement provides the estate with the discretion to liquidate these assets if deemed appropriate.

The estate’s operations are spearheaded by a trustee, responsible for supervising the retrieval of assets and their subsequent allocation to owed parties.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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