Staggering $15 Million Worth of Solana (SOL) Tokens Moved from FTX Cold Storage
A recent report from PeckShieldAlert revealed that a massive 470k Solana (SOL) tokens, valued at $15 million, were transferred from an FTX cold storage-labeled account on the Solana network. Some of these funds were sent to controlled exchanges like Coinbase and Binance.
Understanding FTX’s Transfers
Wintermute Trading, a well-known algorithmic trading company dealing in digital assets, received cryptocurrency payments totaling over $10.49 million from addresses connected to FTX. These payments were mostly made through controlled exchanges such as Binance and Coinbase, and involved cryptocurrencies like ETH, MKR, LINK, AAVE, COMP, and RNDN.
The timing of these deposits appears to align with the recent surge in prices for cryptocurrencies like ETH, SOL, LINK, and AAVE. In the last 24 hours alone, SOL has witnessed an impressive 5.55% increase.
Additionally, another Ethereum address associated with FTX’s cold storage sent $2.5 million worth of cryptocurrency, including $RNDN and $COMP, to Wintermute Trading.
FTX Resumes Crypto Business
Last year, FTX faced bankruptcy due to a liquidity issue with its token FTT. This caused significant concern within the crypto community. However, the company claimed to have moved the remaining funds to cold wallets in order to minimize damage.
In efforts to recover and revive its exchange, FTX appointed John J. Ray III as CEO earlier this year. The bankruptcy administrators have proposed a plan for the exchange’s revival and are seeking bids for its resuscitation by December.
Challenges Ahead for FTX
Despite their determination to rebuild and implement stronger security measures, FTX faces significant challenges in rebuilding trust and attracting new users. The bankruptcy incident has tarnished their reputation, making it difficult to regain the confidence of investors and traders.
Hot Take: FTX Struggles to Regain Trust After Bankruptcy
FTX, a cryptocurrency exchange that previously faced bankruptcy, is now working towards reviving its business. However, the incident has damaged their reputation and posed challenges in rebuilding trust. With the implementation of stricter security measures, FTX aims to prevent future fraudulent activities. It remains to be seen whether the exchange can successfully regain the confidence of investors and traders.
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