FTX Estate Initiates Second Tranche of Crypto Transfers, Shifting Millions to Centralized Exchanges

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On Thursday, the analytics firm Peckshield alerted the community to another transfer of crypto assets from FTX wallets to centralized exchanges. Nearly $20 million in digital currencies were moved after the estate transferred $8.6 million in cryptocurrencies to Binance earlier in the day.

FTX Mobilizes Millions in Crypto to Centralized Exchanges in Second Major Move

The estate handling FTX’s bankruptcy has been relocating coins to centralized crypto exchanges. Following an $8.6 million transfer on Wednesday, the estate moved nearly $20 million during the evening hours of that day. The analytics and onchain intelligence company Peckshield detected the movement, with its alert system notifying the community at 10:56 p.m. Eastern time on Wednesday.

Peckshield disclosed that about 470,000 solana (SOL), worth $15 million, were moved to centralized exchanges including Binance. The onchain analytics alert system further detailed that FTX transferred coins such as ETH, COMP, and RNDN. Further, an additional $2.5 million in ether was reportedly sent to the centralized exchange Coinbase.

“In addition, FTX-labeled address has transferred ~1,393 ETH (~$2.5M) to Coinbase,” the Peckshield alert added.

Observers can only speculate that the coins were sent to be sold, as their movements become opaque once held on an exchange. Besides sending crypto assets to exchanges, presumably to trade or sell them, FTX debtors have also engaged in staking assets. To date, the estate has staked millions worth of SOL and roughly $5 million worth of ether. The estate continues to work on the final proposals in the bankruptcy case, drawing closer to completion.

What do you think about FTX moving funds to centralized crypto exchanges? Share your thoughts and opinions about this subject in the comments section below.