Millions of Funds Tied to FTX Continue Moving to Binance

Vignesh Karunanidhi
Millions of Funds Tied to FTX Continue Moving to Binance
Source: The Verge

Millions of dollars worth of crypto associated with the now-bankrupt cryptocurrency exchange FTX and its sister trading firm Alameda Research were transferred to Binance wallets on Wednesday, according to blockchain analytics firm Nansen.

The funds, totaling approximately $8.6 million, were sent to wallets believed to be owned by the major exchange, Binance. The transfers included $2.2 million worth of Chainlink’s LINK token, $1 million in Aave’s AAVE, $2 million of Maker’s MKR, and $3.4 million in ether.

Also read: CFTC Commissioner Says Market is Ready For Spot Bitcoin ETFs

FTX collapse was one of the biggest in crypto history

FTX filed for bankruptcy protection in November 2022 amid revelations about its balance sheet and intertwined relationship with Alameda Research. Since then, new FTX CEO John J. Ray III has criticized the lack of financial controls under former CEO Sam Bankman-Fried, currently facing criminal charges.

A creditors’ group now oversees assets previously controlled by FTX and Alameda as part of the bankruptcy proceedings. Earlier this month, the group staked over $150 million worth of ether and Solana’s SOL token. This could generate yields of up to 8% on those holdings.

The latest crypto transfers to Binance wallets indicate FTX is continuing to consolidate and liquidate funds. In addition, the moves come as creditors seek to recoup losses from FTX’s collapse.