Million-Dollar Shuffle FTX Cold Wallets Sneak $19M in Solana and Ether to Crypto Exchanges

FTX Safely Transfers $19M in Solana and Ether from Cold Wallets to Crypto Exchanges

The crypto world never fails to surprise and entertain us. In the latest episode of “Where in the Blockchain is FTX’s Money?”, the debtor group controlling the wallets linked to the cold storage of bankrupt crypto exchange FTX has shown some impressive moves. According to blockchain data, they decided to do some spring cleaning and moved a whopping $19 million worth of assorted tokens to various crypto exchange addresses. Talk about a busy day at the office!

On-chain analytics firm Peckshield, the Sherlock Holmes of the crypto world, was quick to notice this activity. They reported that around 470,000 SOL tokens, currently valued at $15 million, were shuffled to different wallets. And guess where some of these funds ended up? Yes, you got it right, they took a little detour to centralized crypto exchanges like Binance. Oh, the drama!

But that’s not all, ladies and gentlemen. Hold on to your seats because there’s more! An Ethereum-based FTX-linked wallet also decided to join the party. It transferred a cool $2.5 million worth of various tokens, including 11,000 COMP, to a Binance deposit address. And as if that wasn’t enough, another wallet thought it would be fun to send 1,395 ether (ETH), worth $2.5 million, to a Coinbase address. It’s like watching a crypto treasure hunt unfold right before your eyes!

The wallet labels were confirmed by another crypto Sherlock, CryptoQuant, who sent a Telegram message to CoinDesk to spill the beans. You can’t hide anything from these guys!

• Breaking News: JPMorgan’s Digital Asset Hits $1 Billion Daily Transactions!
• China’s Digital Yuan Goes Global: A Blockchain Odyssey
• Comprehensive Analysis of MEV Common MEV Attacks, Related Ecosystems, and PBS

Now, let’s talk about cold storage. No, we’re not referring to the unused leftovers in your refrigerator. In the crypto world, cold storage is like a secret vault hidden away from the prying eyes of the internet. It’s the offline wallet where crypto assets rest peacefully, away from any potential online threats. In contrast, hot wallets, like those held on exchanges, are exposed and vulnerable. It’s like the difference between a secret bunker and a tent on a crowded beach. You get the picture.

Oh, but the drama doesn’t end here, my fellow crypto enthusiasts. This debtor group controlling the wallets has been quite busy lately. Just yesterday, they took an $8 million tranche of tokens and hopped on the Binance train. Choo choo! And if we rewind a bit to October, we’ll find that they staked a mind-boggling $122 million of SOL and $30 million of ETH. Talk about playing with fire and reaping the rewards. Literal fire, huh? Sorry, too soon?

Now, you may be wondering how FTX got tangled up in this mess. Well, let’s just say it collapsed after CoinDesk dropped some truth bombs about its balance sheet last year. As a result, new CEO John J. Ray III is on a mission to clean up the financial mess. And guess what? Founder Sam Bankman-Fried is currently in a trial, probably dreaming of the good old days when life was all about trading and not courtroom drama.

So, dear readers, the crypto world, like a never-ending soap opera, always keeps us entertained. We witness the incredible moves of debtor groups, the detective work of on-chain analytics firms, and the rise and fall of exchanges. It’s a rollercoaster ride with more plot twists than a Netflix series. Buckle up and enjoy the show!

Original content source: Blockchain data shows $19M worth of tokens moved from FTX-linked wallets

We will continue to update Blocking; if you have any questions or suggestions, please contact us!