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Home BREAKING NEWS

FTX Transferred +$21M in Solana to Major Exchanges, Signally a Potential Upcoming Sell Off

by BlockNews.com Team
November 2, 2023
in BREAKING NEWS, CRYPTO, FEATURED
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FTX Transferred +$21M in Solana to Major Exchanges, Signally a Potential Upcoming Sell Off

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  • FTX and Alameda Research have transferred over $170 million worth of crypto assets to exchanges like Kraken, Binance, and Coinbase since late October. This includes large amounts of SOL, MATIC, ETH, and other tokens.
  • On November 2nd alone, FTX and Alameda moved $515 million worth of assets to the exchanges. The transfers included 46 million SOL, 14 million MATIC, and 2,784 ETH.
  • The motivation is unclear, but it’s likely FTX and Alameda are diversifying and liquidating holdings from the failed exchange and trading firm. This follows a trend of large transfers over recent weeks.

The crypto wallets associated with the now-defunct crypto exchange FTX and its sister trading firm Alameda Research have been persistently diversifying their investments across various altcoins on numerous crypto exchanges.

FTX and Alameda’s Recent Massive Transfers

On November 2nd, addresses linked to FTX and Alameda transferred 46 million worth of assets to Kraken, Binance, and Coinbase. The transferred assets included:

  • 500K SOL ($216m)
  • 14 million MATIC ($93M)
  • 2,784 ETH ($515M)
  • 810K MASK ($251M)
  • 21 million SUSHI ($237M)
  • 767 million BAT ($164M)
  • 716 million GALA ($14M)
  • 650K LDO ($122M)
  • 447 million C98 ($842K)

Since October 26th, FTX and Alameda have conducted transfers totaling around $170 million across 30 different assets.

Notably, FTX-labeled addresses directed $1 million worth of COMP and YFI to Coinbase Prime.

The Motivation Behind the Moves

The motivation behind these significant money transfers remains unclear, but it is plausible that FTX and Alameda are either preparing to sell or are already liquidating some of their holdings.

🚨 NEWS: FTX and Alameda Research recently transferred $21M in Solana to major exchanges.

Other cryptos include:

– 14M $MATIC

– 2,784 $ETH

– 810K $MASK

– & much more

FTX transfers now total ~$170M across 30 different assets since October 26, reports @spotonchain pic.twitter.com/2y1GXTypQQ

— BlockNews.com (@blocknewsdotcom) November 2, 2023

This recent sequence of transfers is part of an ongoing trend rather than an isolated incident. On October 31st, the investment fund transferred $195 million in assets to Coinbase. A few days prior, FTX sent approximately $86 million worth of cryptocurrency assets to the same exchange.

Conclusion

The troubled FTX exchange continues to transfer large amounts of crypto assets to major exchanges. While the motivation is uncertain, this likely represents efforts to diversify and liquidate holdings from the failed exchange and its sister company Alameda Research. The situation remains ongoing.

Tags: BlockchainBusinesscryptoFTXSolanaWeb3
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