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According to the latest on-chain data, the new management team controlling the wallets associated with the cold wallet addresses of the bankrupt crypto exchange FTX has transferred 3 altcoins, including Solana (SOL), to various crypto exchanges and wallet addresses, primarily Binance.
Binance, Coinbase, and Various Wallet Addresses Receive $19 Million Transfer
Blockchain security company PeckShield reported that approximately 470,000 SOL tokens worth around $15 million were moved to different wallet addresses. The company stated, “Some SOL tokens were sent to CEXs like Binance.”
From an FTX-linked wallet address based on Ethereum, various tokens worth $2.5 million, including 11,000 Compound (COMP) tokens, were transferred to the crypto exchange Binance. PeckShield also noted that in another transaction, $2.5 million worth of 1,395 Ethereum (ETH) tokens were transferred to the US-based crypto exchange Coinbase.
CryptoQuant Validates All Transactions
Leading on-chain analysis company CryptoQuant confirmed the transactions from FTX’s cold wallet addresses to various wallet addresses and centralized crypto exchanges, as highlighted by PeckShield. A cold wallet refers to an offline wallet that is not connected to the internet, unlike a hot wallet that is held by a crypto exchange or online.
The current management team of FTX, which controls the wallets, has carried out several transactions in the past few weeks. On Wednesday, an $8 million token slice was moved to Binance through multiple transactions. The management also staked $122 million worth of SOL and $30 million worth of ETH at the beginning of the month, a position that will generate rewards of at least $9 million annually.
Last year, after CoinDesk’s disclosure of FTX’s financial situation, the crypto exchange faced difficulties. Following the intense withdrawal requests from users, the exchange collapsed. After the start of FTX’s bankruptcy process, the new CEO, John J. Ray III, criticized the financial controls within the company.
