Bankrupt Crypto Exchange FTX Moves $36 Million Worth of Altcoins to Exchanges
New on-chain data reveals that bankrupt crypto exchange FTX has transferred approximately $36 million worth of altcoins to leading exchanges. According to on-chain analytics firm Lookonchain, FTX moved significant amounts of Polygon (MATIC) and Avalanche (AVAX) to Coinbase and Binance.
In the past 24 hours, FTX deposited around 12.6 million MATIC ($9.4 million) to Coinbase and 10 million MATIC ($7.45 million) to Binance via FalconX. Additionally, they deposited 975,859 AVAX ($19.25 million) to Binance via FalconX.
Polygon is currently trading at $0.78, with a 5% increase in the last 24 hours. Meanwhile, Avalanche is trading at $21.09, with a 4.2% increase in the last 24 hours.
FTX’s Bankruptcy Decisions
FTX’s recent transfers come amidst other bankruptcy decisions related to the defunct platform’s digital assets. Earlier this month, FTX sought permission from a judge to sell off $744 million worth of Grayscale and Bitwise assets through an investment adviser.
As of October 28th, Lookonchain recorded a total of $78.7 million in assets transferred out of the FTX bankruptcy estate, including native coins from platforms like Solana and Ethereum, decentralized oracle networks Chainlink and Band Protocol, and multi-chain platform Polygon.
FTX also staked a significant amount of Solana last month, creating a stake of 5,546,217.04 SOL tokens through its associated address with Alameda Research.
Hot Take: FTX’s Bankruptcy Impact on Altcoin Market
The recent movement of altcoins by bankrupt exchange FTX raises questions about the impact on the altcoin market. With large amounts of Polygon and Avalanche being transferred to Coinbase and Binance, it remains to be seen how this will affect the prices and overall sentiment of these assets. Additionally, FTX’s bankruptcy decisions, such as selling off assets and staking Solana, further contribute to the uncertainty surrounding the exchange’s future. Traders and investors should closely monitor these developments to make informed decisions in the volatile crypto market.
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