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

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The global crypto market cap is $1.27 trillion with a 24-hour volume of $25.63 billion. The price of Bitcoin is $34,558.34 and BTC market dominance is 53.0%. The price of Ethereum is $1,797.64 and ETH market dominance is 17.0%. The best performing cryptoasset sector is Yield Farming, which gained 10%.
The bankrupt exchange is reportedly eyeing a relaunch of its trading operations.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
Data from the Arkham Intelligence platform indicates that the assets involved in this transfer encompass 2,904 Ethereum (equivalent to $5.18 million), 1,341 Maker (with a value of $2.02 million), 198,000 Chainlink (approximately $2.26 million), and 12,000 AAVE (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 staked Ethereum and Solana assets valued at $150 million earlier this month. In September, the exchange disclosed 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.
FTX is reportedly 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 restarting 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 plan, exchange users could potentially recoup up to 90% of their frozen assets.
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
John J Ray III is the Chief Restructuring Officer and now-appointed CEO of FTX, a cryptocurrency derivatives exchange.
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
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The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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