FTX transfers $316 million in crypto, with Solana leading the outflows News ▸ FTX ▸ Solana ▸ Bankruptcy
FTX transfers $316 million in crypto, with Solana leading the outflows
The bankrupt exchange has moved around $187 million worth of Solana tokens.
2 min read
Updated: Nov. 8, 2023 at 9:03 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
FTX recently transferred approximately $316 million in digital assets to various crypto exchanges, according to on-chain data.
Over the past several weeks, the beleaguered crypto exchange has been rapidly divesting portions of its crypto holdings, including assets like Solana (SOL) and Ethereum (ETH), as part of its bankruptcy proceedings.
For context, FTX executed crypto transfers worth over $60 million between Nov. 7 and Nov. 8, according to insights from Lookonchain.
These transactions have added to the selling pressure in a market influenced by optimism over the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Solana dominates FTX Transfers
An analysis of FTX transfers by Lookonchain revealed that Solana (SOL) accounts for more than half of the transfers made by the exchange.
As of Nov. 8, the distressed exchange has moved 4.8 million SOL tokens, equivalent to $187 million.
These transactions may likely exert additional selling pressure on the token that has seen a recent resurgence. However, SOL’s price has remained resilient, trading above $40.
In the last 24 hours, it has even seen a 5.22% increase, reaching $43.75, data from CryptoSlate showed. This positive trend has been a consistent theme throughout the year, with SOL gaining over 330% since the beginning of the year, recently hitting a yearly high of $46.
SOL is the most significant asset on FTX’s balance sheet, valued at over $1 billion.
Other assets transferred
In addition to its Solana transactions, FTX has executed substantial transfers of other digital assets. These transfers encompassed approximately $32 million in ETH, $14.3 million in Polygon’s MATIC, and $4.46 million in Lido’s LDO.
FTX also moved $4 million in Maker, $3.1 million in Sushi, and $1.6 million in Aave tokens, among others. These transactions are geared towards compensating FTX customers and investors who suffered losses from last year’s crash. The exchange recently moved to sell $744 million worth of its Trust assets held at Grayscale and Bitwise.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$123.626
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Aave
$81.3215
Aave is an open source and non-custodial protocol enabling the creation of money markets.
Polygon
$0.67717
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
