Bankrupt crypto alternate FTX revealed in a tweet on Sept. 6 that it’s within the strategy of shifting its cryptocurrency holdings.
The corporate mentioned 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 an in depth relationship with Solana, and the 2 events fashioned mutual investments and partnerships previous to FTX’s collapse.
The precise worth of FTX’s crypto holdings stays unsure. Experiences from April instructed that FTX had recovered $7.3 billion of money and crypto however offered no distinction between the 2. Arkham Intelligence, which gives information on FTX’s recognized addresses, means that the corporate has not less than $384 million of crypto together with 1,169 SOL ($23,860).
FTX’s newest assertion might partially affirm studies from Sept. 2. These studies instructed 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 property
Although FTX didn’t present any purpose for the newest transfers, its actions appear to be a part of its ongoing makes an attempt to consolidate property. After FTX gathers its funds, it might redeem property, compensate clients, and probably relaunch its alternate.
The newest transfers aren’t 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, studies from March counsel that FTX transferred about $100 million of {dollars} price 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 bought its stake in Mysten Labs, bought its LedgerX acquisition, and initiated a now-paused sale of Anthropic AI shares stake in 2023.
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