Crypto Updates

FTX Transfers $8.6M Crypto Exchanges, including Binance

The Rise, the Fall and the Reaction

The group of debtors managing the cold storage
wallets of the collapsed crypto exchange FTX has transferred more than $19
million worth of assorted tokens to various crypto exchange addresses.

The on-chain analytics firm Peckshield, as quoted by
Coindesk, revealed that approximately 470,000 SOL tokens, valued at $15 million
based on current market prices, were transferred to different wallets on
various crypto exchanges, including Binance.

Besides that, an Ethereum-based wallet linked to FTX
transferred $2.5 million worth of various tokens, including a notable 11,000
COMP, to a Binance deposit address. Additionally, another transfer of 1,395
Ether (ETH), valued at $2.5 million, was moved to Coinbase.

Cold storage refers to offline wallets that are not
connected to the internet. This stands in contrast to hot wallets, which are
held on crypto exchanges and are accessible online. Cold storage adds an extra
layer of security to the storage of these digital assets.

In a separate report, blockchain analytics firm
Nansen disclosed a significant transfer of crypto assets worth $8.6 million
from FTX and Alameda Research. The funds, including Chainlink, Aave, Maker, and
Ether, found their way to a Binance address, raising concern about the motive
behind this transaction.

LINK, AAVE, MKR, and ETH on the Move

The assets transferred include $2.2 million in
Chainlink (LINK), $1 million in Aave (AAVE), $2 million in Maker (MKR), and
$3.4 million in ETH. While clarifying that it doesn’t track off-chain
movements, Nansen speculates that these funds could have been moved for sale or
prepared for sale.

Over a week ago, FTX staked $150 million in crypto
assets, specifically Solana’s SOL and ETH. This move aims to generate a return
for the investors who suffered losses following the collapse of FTX.

According to a recent report by Finance Magnates,
FTX staked over 5.5 million SOL, valued at $122 million, and more than 24,000
ETH, worth $30 million. The staked tokens are expected to yield an annual
return of 6.79%, potentially resulting in more than $8 million in SOL tokens.
On the other hand, the staking of ETH was conducted…

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…