FTX Transfers $20M from Cold Wallets to Crypto Exchanges, including Binance

<p>A group of debtors managing the cold storage
wallets of the collapsed crypto exchange FTX has transferred more than $19
million worth of assorted tokens to various crypto exchange addresses.</p><p>The on-chain analytics firm Peckshield, as quoted by
Coindesk, revealed that approximately 470,000 SOL tokens, valued at $15 million
based on current market prices, were transferred to different wallets on
various crypto exchanges, including Binance. </p><p>FTX Transfers $2.5M to Binance</p><p>Besides that, an <a href="https://www.financemagnates.com/terms/e/ethereum/">Ethereum</a>-based wallet linked to FTX
transferred $2.5 million worth of various tokens, including 11,000
COMP tokens, to a <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance</a> deposit address. Additionally, another transfer of 1,395
Ether (ETH), valued at $2.5 million, was moved to Coinbase.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> Cold Storage-labeled address on <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> has transferred ~470K <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> (~$15M) out. Some of these funds have been sent to <a href="https://twitter.com/hashtag/CEXs?src=hash&amp;ref_src=twsrc%5Etfw">#CEXs</a> like <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> Cold Storage-labeled address on <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> has transferred ~$2.5M worth of cryptos, including 11K <a href="https://twitter.com/search?q=%24COMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$COMP</a> &amp; ~974K… <a href="https://t.co/KSi4Fgf3Al">pic.twitter.com/KSi4Fgf3Al</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1717374725268078933?ref_src=twsrc%5Etfw">October 26, 2023</a></blockquote><p><a href="https://www.financemagnates.com/terms/c/cold-storage/" target="_blank" rel="follow">Cold storage</a> refers to offline wallets that are not
connected to the internet. This stands in contrast to hot wallets, which are
held on crypto exchanges and are accessible online. <a href="https://www.financemagnates.com/terms/c/cold-storage/">Cold storage</a> adds an extra
layer of security to the storage of digital assets.</p><p>In a separate report, blockchain analytics firm
Nansen disclosed a significant transfer of crypto assets worth $8.6 million
from FTX and Alameda Research. These funds, comprising Chainlink (LINK), Aave (AAVE), Maker (MKR), and
ETH, found their way to a Binance address, raising concern about the motive
behind these transactions.</p><p>LINK, AAVE, MKR, and ETH on the Move</p><p>The assets transferred include $2.2 million in LINK, $1 million in AAVE, $2 million in MKR, and
$3.4 million in ETH. While clarifying that it doesn't track off-chain transactions, Nansen speculated that these funds could have been moved for sale or to prepare them for sale.</p><blockquote><p lang="en" dir="ltr">FTX and Alameda funds are on the move!