As of November two, FTX and Alameda Research have transferred $170 million in cryptocurrencies to CEX exchanges, getting ready for a pre-established asset liquidation strategy.
The FTX wallet transferred a complete of $170 million to CEX exchanges. Photo: CCN
Second Point on the chain, portfolios belonging to FTX and Alameda Research carry on to increase money and push them in the direction of centralized exchanges. At the time of creating, FTX has allotted $83.six million in the type of 26 EVM tokens, for a complete of $169.six million transferred to CEX exchanges this kind of as Binance, Coinbase, and Kraken.
500K $SOL ($21.six million)
14M $MATIC ($9.three million)
two,784 $ETH ($five.15 million)
810K $MASK ($two.51 million)
two.one million $SUSHI ($two.37 million)
seven.67 million $BAT ($one.64 million)
71.six million $GALA ($one.four million)
650K… https://t.co/oMUhpyJsRE pic.twitter.com/FD3LdYoACl
— Spot On Chain (@spotonchain) November 2, 2023
Among the assets outlined, SOL represents the greatest share with $61 million, RNDR with $22 million, MATIC with $14 million and numerous other coins. Details are listed as of November two as proven beneath.
The quantity of FTX revenue transferred to CEX exchanges as of November two, 2023. Source: Spot on Chain
FTX’s gradual transfer of revenue to CEX exchanges is explained to be planning for the $three.four billion liquidation strategy accepted by the court in September. Currently, the exchange’s weekly marketing restrict is $one hundred million, produced through the Galaxy Digital depository unit.
As a consequence, these transactions will be performed in secret and not produced public, but the court and creditors will even now need to have to be notified ten days in advance of the sale.
However, $one hundred million offered weekly will even now place some stress on the industry, which demonstrates numerous indications of coming into a time period of uptrend.
In addition to marketing coins, the exchange also leverages the rest of the idle revenue to stake, which include SOL, ETH, and MATIC, really worth above $160 million. FTX not long ago withdrew 65 million USD SOL from the mail tackle and transferred forty million USD SOL to the CEX exchange.
Additionally, FTX explained it is evaluating three proposals to obtain back the exchange, which include the strategy to promote the whole trading platform to increase the debt repayment worth.
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