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In recent times, a development in the cryptocurrency field has raised concerns as over 10 million dollars’ worth of cryptocurrency was withdrawn from an FTX-affiliated wallet. Here are the latest updates from the bankrupt cryptocurrency exchange!
Notable Development at SOL!
Last week, when various tokens were transferred from an FTX-affiliated wallet, alarm bells began to ring, signaling the possibility of a broader exodus of cryptocurrencies. The cryptocurrency community fears that this movement may be a precursor to asset sales as part of FTX’s bankruptcy proceedings. Pump House, one of the leading figures in the crypto world, stated:
Over 1.5 billion dollars’ worth of SOL, SPL tokens, and wrapped Bitcoins are moving in the FTX address in Solana. It seems they are preparing for potential sales. Pay attention, especially to the approximately 200 million dollars’ worth of Bitcoin in Solana.
Further insights from blockchain analysis platform Arkham Intelligence reveal significant transfers since August 31st, with approximately 6.23 million dollars’ worth of Ethereum (ETH) and over 5 million dollars’ worth of FTT, UNI, and SUSHI tokens, among others, witnessing movement in the wallet. Currently, the FTX wallet holds cryptocurrencies with a total value of 19.2 million dollars.
This development follows FTX’s announcement on August 24th, stating its plans to “sell, distribute, and safeguard” 3 billion dollars’ worth of cryptocurrencies as part of its bankruptcy proceedings. To facilitate this, the exchange has enlisted the expertise of Mike Novogratz’s Galaxy Digital company.
Latest Update on the FTX Case!
Under the proposed plan, FTX collapsed last November and attempted to provide refunds in the form of fiat currency instead of BTC or Ethereum to its creditors. According to a court document, the exchange seeks permission to sell tokens with a value of no more than 100 million dollars per week, with the possibility of doubling this limit for individual assets. These restrictions are designed to mitigate the impact of large-scale transactions on the market. The court is scheduled to consider these prayers on September 13th.
However, the recent movement of tokens in the FTX-affiliated wallet raises significant questions about its potential impact on the exchange’s victims, creditors, and users, even though they continue to face dazzling statements. Aditya Baradwaj, a former engineer at Alameda Research, made a surprising statement about the company’s management’s extravagant lifestyle. The expert said:
Careless risk management for a company holding billions of dollars in capital. Technical debt that would make any software engineer shed tears. Millions of people were lost due to wasteful spending and the arrogance that it wouldn’t matter.
