On-chain data indicates that wallet addresses linked to the defunct cryptocurrency entities FTX and Alameda have been actively transferring a significant portion of their crypto holdings to exchanges. This move suggests a potential liquidation strategy to raise funds for various obligations.
Over the past 24 hours, wallets associated with FTX have moved seven cryptocurrencies, collectively valued at over $38.5 million, to exchanges such as Binance and Coinbase. The most notable asset being transferred is Solana (SOL), which has seen a remarkable appreciation of over 90% in the last 30 days. FTX entities have moved a total of 750,000 SOL tokens, worth approximately $31.2 million, to exchanges.
In addition to SOL, other digital assets that FTX has transferred to exchanges include ENS ($2.76 million), GMT ($2.22 million), LDO ($1.26 million), APE ($410,000), BADGER ($365,000), and BNT ($323,000).
Altogether, FTX has sent out at least 36 digital assets to exchanges, amounting to a total value of $350 million. This significant movement of assets aligns with FTX’s recent court approval to liquidate crypto assets worth over $3 billion to repay its creditors.
The continued transfer of crypto assets to exchanges by FTX and Alameda suggests that the liquidation process is underway and that the entities are actively working to address their financial obligations.