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FTX Moves to Sell-off 6.26M IMX Tokens After 119% Surge To $1.49 

source-logo  coinedition.com 02 December 2023 14:29, UTC

Blockchain data indicates that wallet addresses associated with financially distressed cryptocurrency entities FTX and Alameda persist in significant activity involving the transfer of substantial portions of their crypto portfolios to exchanges, potentially for liquidation.

Surveillance tools observing blockchain transactions have documented the movement of eight cryptocurrencies, with a combined value of around $22 million, from wallets associated with FTX in the past 24 hours. The recipients of these transfers include prominent cryptocurrency exchanges such as Binance and Coinbase.

At the forefront of their latest crypto transfers to exchanges is the NFT-focused project Immutable (IMX) token. Per data from tracking resource CoinMarketCap, IMX has surged more than 119% in the past 30 days from $0.6815 to $1.4927. As a result, FTX entities orchestrated the movement of 6.26 million IMX, amounting to $9.12 million.

The market tracker Spot On Chain unveiled the details of this transaction through a recent tweet.

🚨 #FTX and #Alameda deposited 6.26M $IMX ($9.12M) to #Coinbase ~6hrs ago amid the price surge.

In total, FTX and Alameda moved out $16.55M worth of 8 tokens in the past 6 hours, including:

6.26M $IMX ($9.12M) to Coinbase
1,643 $ETH ($3.43M) (soon to Coinbase via 0xcef)
10M… https://t.co/9RhMdZS3t1 pic.twitter.com/D59O05h4b5

— Spot On Chain (@spotonchain) December 2, 2023

Spot On Chain argued that FTX initiated the significant transfer of the IMX token to Coinbase following its 24-hour uptick. Also, FTX entities have moved 1,643 Ethereum tokens valued at over $3.43 million to Coinbase. Similarly, the bankrupt trading platform also transferred $2.69 million Uniswap (UNI) tokens for potential liquidation.

At press time, FTX entities have transferred various lesser-known digital assets to exchanges in the last 24 hours. It encompasses AUDIO ($497k), GMT ($2.64 million), Shiba Inu ($652,000) million), LOOKS ($261,000), and WOO ($179,000).

In total, the entities facing bankruptcy have transferred 64 digital assets to exchanges since October, with the combined value of these tokens reaching $567 million. It is noteworthy to mention that FTX recently secured judicial approval to liquidate cryptocurrency assets surpassing $3 billion in value, with the aim of repaying its customers.

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