- One of FTX cold wallets made a massive transaction, reaching up to $10 million.
- FTX wallets contain many other cryptocurrencies worth more than $675 million.
The failure of FTX hit the crypto industry so hard that it made many other crypto firms fail. Apparently, many attribute the current crypto market to the doing of FTX. Even more, one of FTX cold wallets made a massive transaction recently.
FTX Cold Wallets and Sam Bankman-Fried Case
- Sam Bankman-Fried was among the face of the crypto industry before the news broke out of his mismanagement of funds. Apparently, this subsequently led to the dissolution and bankruptcy of the FTX exchange. Since then, there’s so much monitoring on FTX cold wallets. So, many platforms are always watching these wallets to know when they make important transactions.
- According to the renowned Chinese journalist Colin Wu, a certain Solana address marked as an FTX cold wallet is transferring funds. So, this isn’t the first time this is happening. The reports show the wallet went on with the transfer of funds for many days now. Also, the transfer involved many cryptocurrencies, such as LINK, SUSHI, LUNA, and YFI, to the Ethereum wallet. It is important to note that the transaction happened through some controversial channels. Apparently, one of them is blockchain bridges such as Wormhole.
- As said, this journalist monitored the situation for quite a long time. Apparently, the movements of several tokens across this wallet started on August 31. As of the second of September, the transactions are still ongoing, and there’s involvement of more than $10 million in the transactions. This is suspicious for FTX cold wallets. However, the journalist here suspects it to be a wallet collection process.
The Holdings of FTX Cold Wallets
- Away from the recent transaction involving FTX cold wallets, the failed exchange crypto holdings are a thing of beauty. Apparently, information from cryptocurrency intelligence platform Arkham shows that the FTX crypto assets portfolio holds more than $675 million worth of crypto assets. Before FTX went down the drain, FTT was the crypto exchange’s native coin. So, it is currently a large part of the crypto holdings, with more than $259.65 million worth of FTT tokens.
- The second largest token in their possession is Bitcoin. Before their failure, it was quite obvious that FTX had large amounts of Bitcoin. So, it is no surprise that they have $100.57 million worth of Bitcoin in their possession. Ethereum wasn’t among the top 5 tokens in the FTX cold wallets. Ethereum ranks 7th with $17.30 million worth of tokens. Nevertheless, there are other assets here, such as LINK, SUSHI, LUNA, and YF.
Conclusion
FTX cold wallets are very busy with a lot of transactions. Since the court case, there’s serious vigilance and monitoring for many wallets linked with the failed exchange. About $10 million in transactions happened recently in one of their wallets. Apparently, FTX crypto holdings are quite huge. Their native token, FTT, takes a large part of the wallet. However, other cryptocurrencies like Bitcoin and Ethereum feature here.
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Featured image from USA Herald
