Millions of dollars worth of crypto associated with the now-bankrupt cryptocurrency exchange FTX and its sister trading firm Alameda Research were transferred to Binance wallets on Wednesday, according to blockchain analytics firm Nansen. The funds, totaling approximately $8.6 million, were sent to wallets believed to be owned by the major exchange, Binance. The transfers included $2.2 million worth of Chainlink’s LINK token, $1 million in Aave’s AAVE, $2 million of Maker’s MKR, and $3.4 million in ether.
FTX filed for bankruptcy protection in November 2022 amid revelations about its balance sheet and intertwined relationship with Alameda Research. Since then, new FTX CEO John J. Ray III has criticized the lack of financial controls under former CEO Sam Bankman-Fried, currently facing criminal charges. A creditors’ group now oversees assets previously controlled by FTX and Alameda as part of the bankruptcy proceedings. Earlier this month, the group staked over $150 million worth of ether and Solana’s SOL token, which could generate yields of up to 8% on those holdings.
The latest crypto transfers to Binance wallets indicate FTX is continuing to consolidate and liquidate funds in order to recoup losses from its collapse. This is a sign of FTX’s efforts to move past its bankruptcy and regain its trust in the crypto market.
FTX’s recent crypto transfers to Binance wallets is good news for creditors and investors, as it is an indication that the bankrupt exchange is working to recover from its bankruptcy and restore trust in the crypto market.
Millions of dollars worth of crypto associated with the now-bankrupt cryptocurrency exchange FTX and its sister trading firm Alameda Research were transferred to Binance wallets on Wednesday, according to blockchain analytics firm Nansen. The funds, totaling approximately $8.6 million, were sent to wallets believed to be owned by the major exchange, Binance. FTX filed for bankruptcy protection in November 2022 and since then, a creditors’ group has been overseeing assets previously controlled by FTX and Alameda as part of the bankruptcy proceedings. The latest crypto transfers to Binance wallets indicate FTX is continuing to consolidate and liquidate funds in order to recoup losses from its collapse. This is a sign of FTX’s efforts to move past its bankruptcy and regain its trust in the crypto market. This is good news for creditors and investors, as it is an indication that the bankrupt exchange is working to recover from its bankruptcy and restore trust in the crypto market.
#FTX #Alameda #Binance #CryptoRecovery
You can read more about this topic here: Watcher Guru: Millions of Funds Tied to FTX Continue Moving to Binance
