In a surprising turn of events, a Solana address purportedly linked to FTX’s cold wallet has been actively transferring crypto assets. According to the well-known Chinese journalist Colin Wu, this address has been orchestrating the movement of tokens like LINK, SUSHI, LUNA, and YFI to an Ethereum wallet via blockchain bridges like Wormhole.
Wu’s report indicates that this transfer, which is still ongoing as of his post on Twitter, commenced on August 31 and has already moved more than $10 million. Wu suspects this could be part of a concerted effort to collect funds.
Arkham, a cryptocurrency intelligence platform, reveals that the FTX crypto assets portfolio boasts over $675 million in assets. FTT, FTX’s native token, reigns supreme among holdings, with a staggering $259.65 million value. Bitcoin is the second-largest holding, with $100.57 million in the flagship cryptocurrency.
FTX’s Ethereum Holdings And the Mystery Transfer
According to Arkham’s data, FTX’s Ethereum holdings stand at $17.30 million, ranking seventh among FTX’s top crypto assets. Digital assets like LINK, SUSHI, LUNA, and YFI, involved in the recent transfer, occupy lower positions in the pecking order of holdings.
It has been diligently working to rebound following its abrupt fall from grace. Speculation abounds about whether this mysterious funds transfer is linked to their revival efforts. The collapse of the exchange resulted in numerous users losing substantial funds. Some believe that rebranding under a different name could offer a glimmer of hope to the victims of that unfortunate incident.
Recent developments also reveal FTX’s hiring of U.S. crypto firm Galaxy as an advisor to assist in hedging and selling its crypto holdings. This move is seen as a strategic effort to mitigate exposure to adverse price fluctuations before selling assets.
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