Bankrupt Crypto Exchange FTX Transfers $36,000,000 Worth of Altcoins to Exchanges: On-Chain Data

On-chain data indicates that bankrupt crypto exchange FTX suddenly moved $36 million worth of altcoins to leading exchanges.

According to on-chain analytics firm Lookonchain, FTX transferred massive amounts of Polygon (MATIC) and Avalanche (AVAX) to top crypto exchanges Coinbase and Binance.

“In the past 24 hours, FTX transferred a total of ~$36 million in assets to exchanges.

Deposited 12.6 million MATIC ($9.4 million) to Coinbase.

Deposited 10 million MATIC ($7.45 million) to Binance via FalconX.

Deposited 975,859 AVAX ($19.25 million) to Binance via FalconX.”

Polygon is trading for $0.78 at time of writing, up 5% in the last 24 hours. Meanwhile, Avalanche is trading for $21.09 at time of writing, up 4.2% in the last 24 hours.

FTX’s transfers come among other bankruptcy decisions regarding the defunct platform’s digital asset holdings.

Earlier this month, FTX asked a judge for permission to sell off $744 million worth of Grayscale and Bitwise assets through an investment adviser.

As of October 28th, Lookonchain tallied $78.7 million in assets that were transferred out of the FTX bankruptcy estate, including the native coins of smart contract platforms Solana (SOL) and Ethereum (ETH), decentralized oracle networks Chainlink (LINK) and Band Protocol (BAND), and multi-chain platform Polygon.

FTX also staked a massive amount of Solana. According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a stake of 5,546,217.04 SOL tokens last month.

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Generated Image: Midjourney