FTX Cold Wallet Transfers Over $10M in Crypto Tokens to Ethereum

According to the renowned Chinese journalist Colin Wu, a certain Solana address marked as an FTX cold wallet is transferring funds. Wu stated that the address transferred crypto tokens like LINK, SUSHI, LUNA, and YFI to the Ethereum wallet through blockchain bridges such as Wormhole.

Wu noted that the transfer, which is still ongoing at the time of his post on X (Twitter), started on August 31. So far, over $10 million has been transferred during the exercise, which Wu suspects to be an act of wallet collection.

Data from the cryptocurrency intelligence platform Arkham shows that the FTX crypto assets portfolio holds more than $675 million worth of crypto assets. FTT, the crypto exchange’s native coin, remains the highest FTX holding, with $259.65 million worth of FTT tokens. FTX’s second-highest crypto holding is Bitcoin, with $100.57 million stored in the flagship cryptocurrency.

FTX’s Ethereum holding is recorded as $17.30 million on Arkham’s dashboard, placing it in the 7th position in the order of top crypto assets held by FTX. Lower capped digital assets like LINK, SUSHI, LUNA, and YFI involved in the recent transfer fall lower in the pecking order of digital assets held by FTX.

FTX has taken several steps in pursuing a revival since its unceremonial collapse. Some crypto users think they could link the recent funds transfer to that. Countless customers on the defunct exchange lost a lot of funds. However, some users believe relaunching by a different name could relieve some victims of the unfortunate collapse.

Recently, the defunct exchange hired U.S. crypto firm Galaxy as an advisor to help hedge and sell its crypto holdings. According to reports, hedging bitcoin and ether will allow FTX to lessen its exposure to adverse price movements before their sale.