On Wednesday, Nansen, an onchain analytics provider, illuminated a series of intriguing transactions originating from FTX and Alameda Research addresses, now under the stewardship of the FTX creditors. A substantial sum of $8.6 million in cryptocurrency assets found its way to an address associated with Binance, the largest exchange in the world by trade volume.
$8.6M in Crypto Assets Transferred From FTX and Alameda to Binance
In a breakdown of onchain data, it was revealed that crypto addresses linked to FTX and Alameda, laden with assets such as LINK, AAVE, MKR, and ETH, orchestrated a movement of $8.6 million. This onchain move did not escape the watchful eyes of Nansen, a firm dedicated to blockchain intelligence and analytics. Nansen detailed the transaction, disclosing the movement of $2.2 million in chainlink (LINK), $1 million in aave (AAVE), $2 million in maker (MKR) tokens, and $3.4 million in ethereum (ETH).
The journey of the funds was a two-step dance; initially moving to one address, before settling in a wallet controlled by Binance. “We don’t track offchain movements, but presumably, this is to either sell or to prepare to sell these funds,” Nansen speculated on the social media platform X, attributing this revelation to its smart alerts system.
Interestingly, among the assets moved, only ethereum (ETH) had the privilege of being listed in FTX’s top ten liquid crypto assets, marked for their value and liquidity. This list includes the likes of solana (SOL), bitcoin (BTC), tether (USDT), and aptos (APT), to name a few.
The saga on Wednesday unfolded after an FTX hacker, in a previous chapter, cleverly maneuvered tens of millions of dollars in crypto funds to decentralized finance (defi) applications, in an attempt to conceal their tracks. This move prompted Thorswap, a decentralized exchange (dex) platform, to swiftly implement guardrails, fortifying its defenses against criminal tactics. The hacker, having leveraged Thorswap and other defi platforms for their obfuscation techniques, left the community and observers in a state of speculation.
It is likely believed, though not confirmed, that the FTX creditors’ transfer of the $8.6 million in crypto was a strategic move to sell. In a recent development, FTX debtors have also staked a considerable amount of SOL, aiming to reap the rewards of staking for their existing holdings.
What do you think about the FTX funds that moved to Binance? Share your thoughts and opinions about this subject in the comments section below.
