FTX Linked Wallet Activity Sparks Altcoin Dump Concerns


The transfer of ~$10.2 million in assets from an FTX-linked wallet has raised concerns about the beginning of a wave of emptying of its contents as part of bankruptcy proceedings.

Data: X.

“More than $1.5 billion in SOL, SPL tokens and wrapped bitcoins on the FTX address in Solana are moved. Looks like they’re gearing up for potential sales.Keep an eye out for this, especially for ~$200M in Bitcoin on Solana.” Pump House said in a statement.

According to Arkham Intelligence, since August 31, the wallet has transferred ~$6.23M to ETH and over $5M to FTT (~$1.2M), UNI (~$1.8M), HXRO (~$1.3M), SUSHI ( ~$550,000) and FRONT (~$260,000).

On August 24, FTX notified the court of plans to “sell, stake and hedge” its cryptocurrencies for $3 billion — for this, the exchange will hire Mike Novogratz’s Galaxy Digital.

According to the plan, the platform will be allowed to sell no more than $100 million worth of tokens per week, but this limit can be doubled for each individual asset. The restrictions are intended to reduce the impact of transactions.

The exchange’s lawyers also filed a separate petition to sell bitcoin and Ethereum.

The court will consider the applications on September 13.

On July 31, FTX presented a plan to restart the offshore exchange with access for users outside the United States. The company’s creditor committee later criticized the management’s idea.

Recall that in June, the current management team of the platform announced that it had returned liquid assets worth about $7 billion.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!

Leave a Reply