Cryptocurrency Market Shake-Up: FTX’s $36 Million Altcoin Migration Explored Through On-Chain Data
Bankrupt crypto exchange FTX has swiftly shifted $36 million worth of altcoins, including 12.6 million MATIC ($9.4 million) to Coinbase and 10 million MATIC ($7.45 million) to Binance via FalconX, along with 975,859 AVAX ($19.25 million) to Binance through the same channel.
As reported by on-chain analytics firm Lookonchain. At present, Polygon is trading at $0.78, reflecting a 5% increase in the last 24 hours, while Avalanche stands at $21.09, experiencing a 4.2% rise. These transfers coincide with FTX’s broader bankruptcy-related moves, such as seeking approval to liquidate $744 million in Grayscale and Bitwise assets earlier this month.
As of October 28th, Lookonchain has tracked $78.7 million in assets leaving the FTX bankruptcy estate, encompassing native coins from Solana, Ethereum, Chainlink, Band Protocol, and Polygon. Additionally, FTX staked a substantial amount of Solana, creating a 5,546,217.04 SOL token stake in the previous month, according to blockchain explorer SolanaFM.
Clever Robot News Desk 24th November 2023
Related Article
