FTX Treasury Wallet Moves Out $247M FTT Amid Market Gains

A wallet affiliated with bankrupt exchange FTX has been spotted migrating crypto funds to a new destination, largely the platform’s native token, FTX. Lookonchain, a crypto surveillance account on X, called attention to this latest move from FTX in an update.

Per the revelation, FTX’s treasury wallet transferred all assets to a new wallet in multiple transactions within the last 24 hours. Of the moving tokens, FTT wields the most staggering dollar sum. Specifically, the wallet transferred 195.87 million FTT coins valued at $246.8 million.

Other transactions from the FTX treasury wallet valued in millions of dollars included Ethereum and JOE tokens. In particular, the wallet’s most recent movements of ETH were cumulatively 2,010.6 tokens worth $6,176,563. As for the JOE token, the FTX wallet sent out 6.359 million units worth $3.25 million.

Other tokens transferred off FTX’s treasury included USDT stablecoins worth $201.83K, MAGIC tokens worth $680.94K, and GMX tokens worth $140.25K. Cumulatively, FTX has recently sent out about $253,999,583.

Interestingly, these transactions emerged amid the recent relief rally in the crypto market, wherein Bitcoin regained the $64K mark, slightly boosting the values of other tokens. According to CoinMarketCap data, FTT is up 2.79% in its 24-hour trajectory at press time. Similarly, ETH has seen a 4% gain. JOE witnessed a more substantial gain of 6% at press time.

X user Shawn speculated that FTX divided FTT, ETH, and JOE into smaller pieces for easy liquidation. Notably, this is not the first time FTX has moved out funds during periods of market gains. Late last year and earlier this year, the bankrupt exchange was similarly spotted moving out Solana (SOL) tokens while the asset was in an uptrend.