Bankrupt FTX shifts $10M in assets to Coinbase and Binance Bankrupt FTX shifts $10M in assets to Coinbase and Binance

Bankrupt FTX shifts $10M in assets to Coinbase and Binance

The bankrupt exchange is reportedly eyeing a relaunch of its trading operations.

Bankrupt FTX shifts $10M in assets to Coinbase and Binance

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Addresses linked to defunct crypto exchange FTX transferred more than $10 million in digital assets to Coinbase and Binance during the early hours of today, Oct. 25, according to on-chain data.

Data from the Arkham Intelligence platform indicates that the assets involved in this transfer encompass 2,904 Ethereum (equivalent to $5.18 million), 1,341 Maker (with a value of $2.02 million), 198,000 Chainlink (approximately $2.26 million), and 12,000 AAVE (totaling around $1.03 million).

It is unclear if the transfers are connected to the exchange’s bankruptcy proceedings. However, the timing of the transactions has sparked concerns within the crypto community, considering the recent green run of the broader crypto market.

These transactions are in line with FTX’s recent activities. FTX staked Ethereum and Solana assets valued at $150 million earlier this month. In September, the exchange disclosed its intentions to migrate bridged tokens from various networks to their native blockchains.

FTX did not respond to a request for comment as of press time.

FTX considering possible operation restart

FTX is reportedly contemplating a relaunch of its trading operations. Kevin Cofsky, an investment banker for the exchange, revealed that the firm is actively reviewing proposals from three entities.

During a court hearing, Cofsky indicated that the relaunch could occur independently or via a strategic partnership, and the exchange could even be sold. A final decision on the path forward will be reached by mid-December.

Speculation surrounding the relaunch of FTX Exchange has circulated since January, initiated by CEO John Ray’s formation of a task force to explore the feasibility of restarting

This idea has garnered support from former FTX users who view a reboot as a more advantageous path than a complete liquidation.

In a recent development, FTX has unveiled a proposed settlement strategy that could return over $9 billion in customer funds by 2024. Under this plan, exchange users could potentially recoup up to 90% of their frozen assets.

Mentioned in this article
Posted In: , , , Bankruptcy