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FTX transfer assets to Coinbase and Binance amid bankruptcy



FTX-linked addresses executed transfers of more than $10 million in crypto assets to Coinbase and Binance on October 25, according to on-chain data.

The Arkham Intelligence platform provides information indicating that the transfer consists of 2,904 Ethereum, amounting to approximately $5.18 million. Additionally, it shows a transfer of 1,341 Maker tokens valued at around $2.02 million, 198,000 Chainlink tokens worth roughly $2.26 million, and 12,000 AAVE tokens, totaling about $1.03 million.

While it remains uncertain if FTX’s bankruptcy relates to these transfers, the crypto community has scrutinized the timing of the transactions. Some have observed the contrast between these transfers and the recent uptrend in the crypto market.

These transactions appear to align with other recent actions taken by FTX. Earlier this month, FTX staked $150 million worth of Ethereum and Solana assets. In September, the exchange disclosed its plans to move bridged tokens from different networks to their native blockchains.

As of the time of writing, FTX has not responded to requests for comment.

Meanwhile, unconfirmed reports about FTX’s potential relaunch provide insight into the exchange’s plans. According to Kevin Cofsky, an investment banker working with FTX, the company actively considers proposals from three entities.

Cofsky suggests that FTX’s relaunch could occur independently, in partnership with another company, or through a sale of the exchange. A final decision is expected by mid-December.

Speculation about FTX’s relaunch began in January when CEO John Ray formed a task force to explore the possibility of restarting

However, some former FTX users believe that a reboot of the exchange would offer more benefits than a complete liquidation.

FTX has proposed a recent settlement plan to return more than $9 billion in customer funds by 2024. If approved, this plan could potentially allow customers to receive up to 90% of their frozen assets.


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