FTX explained the movement of capital in its accounts
Date: 2023-09-06 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Crypto exchange FTX has announced that it is returning some tokens to native blockchains. The platform also transfers part of the assets to BitGo custodian accounts.
Analysts recorded the movement of capital on the cold wallets of the exchange. Since August 31, they have withdrawn about $10.2 million in altcoins.
Experts were especially concerned about the possible sale of 7 million SOL for $134 million, which could bring down the rate. Solana co-founder Anatoly Yakovets suggested that the exchange return the tokens to the platform's clients, but his call went unanswered.
Prior to this, at the end of August 2023, FTX received court approval for the sale of part of the crypto assets. With this in mind, the probability of liquidation of the site’s altcoin portfolio was quite high.
On September 6, 2023, the company explained its actions. According to her statement, this is a common relocation of capital. FTX also noted that they are transferring SOL tokens and some other assets to BitGo service accounts.
The court approved the platform as a trusted custodian in December 2022. The choice in favor of this particular resource in FTX was explained by the reliability and transparency of the latter.
Lawyers and other professionals earned more than $700 million from the bankruptcy of five large crypto firms in a year, including FTX.
