FTX Cold Storage Transfers $15,200,000 in SOL to Exchanges: Possible Sell-Off?

Wallets associated with the collapsed FTX crypto exchange have transferred over $15 million worth of Solana (SOL) tokens, with a large portion sent to trading platforms Binance and Coinbase, according to on-chain data tracked by Lookonchain.

Approximately $8.1 million in SOL was moved from FTX cold storage wallets to Binance, while another $2.6 million was shuffled to Coinbase. The transfers come after FTX wallets were detected offloading nearly $3 million in Render Token (RNDR) and Compound (COMP) tokens.

Lookonchain estimates FTX still holds around $3.4 billion in cryptocurrency assets based on previous tracking. The ongoing shuffling of funds has fueled speculation that FTX bankruptcy administrators may be liquidating holdings to raise capital.

However, the reasons behind the wallet movements remain unclear. FTX entered bankruptcy in November 2022 amid liquidity issues and allegations of misused customer funds that led to billions in losses.

Former FTX executives have claimed founder Sam Bankman-Fried secretly redirected customer assets to his trading firm Alameda Research. While FTX appears to retain a sizable crypto treasury, periodic transfers to exchanges like Binance and Coinbase signal that accessible coins are being converted to cash.

But some analysts caution against presuming too much, as the receiving venues may simply be providing custodial services for the embattled exchange.

Nonetheless, on-chain sleuths continue monitoring FTX wallets closely for clues on how assets are being handled during its ongoing bankruptcy proceedings. Any signs of liquidation generate intense scrutiny from market watchers.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency