Blockchain analytics firm Nansen has reported a series of asset transfers from the FTX estate to a Binance address.
According to on-chain data, the moved assets include $2.2 million in Chainlink (LINK), $1 million in Aave (AAVE), $2 million in Maker (MKR), and $3.4 million in Ether (ETH), totaling $8.6 million. These assets originated from addresses tagged as associated with beleaguered exchange FTX and former sister firm Alameda Research.
Nansen clarified that it does not track off-chain movements but speculated that the purpose behind these significant transfers could be to sell the assets or to prepare them for sale.
The FTX estate received permission in September to sell off its crypto holdings, with an initial limit of $100 million per week.
As it stands, analysts are keenly observing the next steps FTX and Alameda will take following these substantial asset transfers.
Recent actions by the FTX Estate
The FTX exchange recently staked over 5.5 million Solana worth $122 million from one of its principal wallets.
Managed by a bankruptcy trustee, the FTX estate is looking to maximize the exchange’s assets. According to a court filing dated September 11, 2023, the FTX estate reported recovering approximately $7 billion in assets.
While the estate has made large failures in asset recoveries, such as its premature sale of SUI tokens, it has continued to recover other assets and has been buoyed by the increasing perceived value of the Anthropic shares that it holds. This has boosted the value of creditor claims on the open market — with some claims going above 50 cents on the dollar.
The former CEO of the collapsed exchange, Sam Bankman-Fried, is currently on trial over fraud charges.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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