The group overseeing cold wallets tied to bankrupt crypto exchange FTX has sent more than $19 million worth of crypto to various exchanges, according to blockchain data.
On-chain analytics firm Peckshield reported that around 470,000 SOL tokens, worth around $15.5 million, were moved to different wallets, with some of these funds going to wallets belonging to “CEXs like Binance.”
Additionally, an Ethereum (ETH) wallet that the blockchain explorer also labeled as belonging to FTX also made a transfer, involving $2.5 million worth of Ethereum-based ERC-20 tokens, which were sent to a Binance deposit address.
Included in the transaction was the transfer of 11,000 Compound (COMP) tokens and approximately 974,000 Render (RNDR), Peckshield wrote.
In another transaction, 1,395 ETH, equivalent to about $2.5 million, was transferred to a Coinbase address.
Not the first time FTX funds have been moved
This latest transaction is not the first time the debtor group that manages the FTX wallet has carried out a transaction.
Earlier in October, FTX staked more than $122 million in SOL using Figment, a well-known network validator for staking.
It should be noted that a significant amount of SOL allocated to FTX's bankruptcy estate is unlocked each month according to the vesting schedule, offering the estate the opportunity to sell these assets if they choose to do so.
The estate is managed by a trustee, whose role includes overseeing the recovery of assets and their distribution to creditors.