April 19, 2024
Debtor-controlled wallets tied to bankrupt FTX exchange move $19M+ in crypto assets to various addresses
Latest Cryptocurrency News

Peckshield Report: $15 Million in SOL Tokens Sent to CEXs Amid FTX Cold Storage Wallet Activity

The debtor group managing the wallets tied to the cold storage of the bankrupt crypto exchange FTX carried out transactions totaling more than $19 million in assorted tokens on Thursday, according to blockchain data.

On-chain analytics firm Peckshield reported that around 470,000 SOL, valued at $15 million in current market prices, were transferred to various wallets. The firm noted that some of these funds have been sent to CEXs like Binance, referring to centralized crypto exchanges. An Ethereum-based wallet associated with FTX moved approximately $2.5 million worth of various tokens, including 11,000 COMP, to a Binance deposit address. Another wallet transferred 1,395 ETH, valued at $2.5 million, to a Coinbase address, as confirmed by Peckshield.

Cold storage, in this context, denotes an offline wallet that remains disconnected from the internet, in contrast to a hot wallet, which is one hosted on a crypto exchange or online.

The debtor group controlling these wallets has engaged in multiple transactions over the past few weeks. Just a day before, tokens worth $8 million were transferred to Binance through several transactions.

In earlier October, the group staked over $122 million in SOL and $30 million in ETH, establishing a position that could potentially yield annual rewards of at least $9 million.

FTX, the crypto exchange, has experienced a collapse, and the new CEO, John J. Ray III, has sharply criticized the company’s financial controls, while founder Sam Bankman-Fried is currently undergoing a trial.

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