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According to current on-chain data, the new management controlling wallets directly linked to the cold wallet addresses of the bankrupt cryptocurrency exchange FTX transferred various cryptocurrencies, including Solana (SOL), to various crypto exchanges and wallet addresses, primarily Binance, in the early hours of today.
$19 Million Transfer to Binance, Coinbase, and Various Wallet Addresses
Blockchain security firm PeckShield reported the transfer of approximately 470,000 SOL, valued at around $15 million at current prices, to different wallet addresses. The company indicated, referencing centralized cryptocurrency exchanges (CEXs), “A portion of the SOLs was sent to CEXs like Binance.”
From an Ethereum-based FTX-linked wallet address, various tokens worth $2.5 million, including 11,000 Compound (COMP), were transferred to the cryptocurrency exchange Binance. PeckShield pointed out that in another transfer, 1,395 Ethereum (ETH) valued at $2.5 million were moved to the US-based cryptocurrency exchange Coinbase.
CryptoQuant Confirmed All Transactions
Leading on-chain analysis firm CryptoQuant validated the transactions executed from FTX’s cold wallet addresses to various wallet addresses and centralized crypto exchanges, as highlighted by PeckShield. A cold wallet, in contrast to a hot wallet held at a cryptocurrency exchange or online, refers to an offline wallet that is not connected to the internet.
FTX’s current management, which oversees the wallets, had conducted several transactions over the past few weeks. On Wednesday, a token slice worth $8 million was moved to Binance through several transactions. The management also staked $122 million in SOL and $30 million in ETH earlier this month, a position expected to yield at least $9 million in rewards annually.
Crypto media outlet CoinDesk had put the crypto exchange FTX in a difficult position last year with its disclosure regarding the state of FTX’s balance sheet. Following the exposure and subsequent heavy withdrawal requests from users, the cryptocurrency exchange could not sustain and collapsed. After the initiation of FTX’s bankruptcy process, the new CEO John J. Ray III had criticized the financial controls in the company.
