Bankrupt crypto alternate FTX revealed in a tweet on Sept. 6 that it’s within the means of shifting its cryptocurrency holdings.
The corporate stated that it’s shifting bridged tokens on a number of networks to their native blockchains. FTX has but to reveal the precise cryptocurrencies affected by this initiative, in addition to the precise quantity being transferred.
FTX added that it’s migrating Solana (SOL) to BitGo, its certified cryptocurrency custodian. FTX previously maintained a detailed relationship with Solana, and the 2 events shaped mutual investments and partnerships previous to FTX’s collapse.
The precise worth of FTX’s crypto holdings stays unsure. Reviews from April urged that FTX had recovered $7.3 billion of money and crypto however supplied no distinction between the 2. Arkham Intelligence, which offers information on FTX’s recognized addresses, means that the corporate has a minimum of $384 million of crypto together with 1,169 SOL ($23,860).
FTX’s newest assertion could partially affirm reviews from Sept. 2. These reviews urged that the corporate moved $10 million in SOL and different Solana-based altcoins to Ethereum by way of the Wormhole Bridge in a matter of days.
Consolidating belongings
Although FTX didn’t present any motive for the most recent transfers, its actions appear to be a part of its ongoing makes an attempt to consolidate belongings. After FTX gathers its funds, it may redeem belongings, compensate prospects, and probably relaunch its alternate.
The most recent transfers will not be the corporate’s solely makes an attempt to maneuver and collect funds. On Aug. 24, the corporate filed to have Galaxy Digital handle gross sales of cryptocurrency on a recurring foundation. Moreover, reviews from March recommend that FTX transferred about $100 million of {dollars} value of stablecoins to exchanges.
Whereas FTX has not formally confirmed all of its transfers, it has been extra clear about non-crypto transactions. The corporate offered its stake in Mysten Labs, offered its LedgerX acquisition, and initiated a now-paused sale of Anthropic AI shares stake in 2023.
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