Bankrupt Crypto Exchange FTX Sparks Concerns as $10 Million Worth of Assets Transferred from Solana to Ethereum
Summary:
FTX, a bankrupt crypto exchange, has transferred $10 million worth of digital assets from Solana to Ethereum, fueling concerns of token dumps amid its bankruptcy proceedings. The move includes assets like Ether, FTX Token, and Uniswap, among others. FTX has proposed a plan for overseeing the sale of recovered crypto holdings and is expected to come before the Delaware Bankruptcy Court on September 13. The exchange is also considering a reboot and soliciting interested parties for its new FTX.com exchange.
The bankruptcy-hit crypto exchange FTX has reportedly made a significant transfer of $10 million worth of digital assets from the Solana network to Ethereum, causing concerns about potential token dumps during its bankruptcy proceedings. This transfer from FTX's wallet, which took place since August 31, includes $6.23 million worth of Ether and over $4 million in altcoins, such as FTX Token, Uniswap, HXRO, SushiSwap, and Frontier Token. These assets were moved to another FTX wallet via the Wormhole Bridge. The move has raised speculation about potential sell-offs as FTX prepares for its bankruptcy proceedings. The Delaware Bankruptcy Court is expected to review the case of FTX token sales on September 13. FTX had previously proposed a plan in which Galaxy Digital Capital Management would oversee the sale and management of its recovered crypto holdings, with limits set on token sales to minimize their impact. FTX's reorganization plan also includes a potential reboot of the cryptocurrency exchange, which is anticipated to launch in the second quarter of 2024.
Published At
9/4/2023 1:08:32 AM
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