FTX Treasury Wallet Moves Out $247M FTT Amid Market Gains
- The wallet also moved 2,010 ETH worth $6.1M and JOE tokens worth $3.25M.
- FTX treasury wallet moved 195.87M FTT valued at $246.8M to a new destination.
- These transactions came amid the recent relief rally in the crypto market, with Bitcoin regaining $64K.
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.
6 hours ago, FTX: FTT Treasury transferred all assets to a new wallet, including:
— Lookonchain (@lookonchain) April 19, 2024
195.87M $FTT ($246.8M)
1,938 $ETH ($5.94M)
6.36M $JOE ($3.25M)
Address:
0x2a4F8d77bAde18256b1BDB3cF8782645037f60d3 pic.twitter.com/vJXmYsC2Ek
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Dept. of Energy begins process of drafting a new bitcoin miner survey
Quick Take The U.S. Department of Energy is once again working to develop a survey seeking information on Bitcoin mining’s energy footprint. The Energy Information Administration, the DoE’s statistics unit, solicited public feedback in a meeting today. The agency’s initial “emergency collection of data request” was withdrawn after industry participants sued.
Malaysian crypto miners steal over $700m in five years
Share link:In this post: Malaysian illegal crypto miners stole $722m worth of electricity between 2018 and 2023, causing extensive damage to the energy sector. The government has prioritized stopping electricity theft for crypto mining, with authorities deploying methods to detect unusual energy consumption. Efforts include seizing and disposing of illegal mining equipment.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the