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FTX Executes $15 Million Solana (SOL) Transfer

FTX Executes $15 Million Solana (SOL) Transfer

In recent developments, a digital wallet linked to the FTX platform transferred a significant amount of 470,000 SOL tokens, valued at an impressive $15 million.

PeckShieldAlert reported this substantial transaction on October 26. Notably, a portion of these assets found their way into major centralized exchanges, including Binance and Coinbase.

Simultaneously, another FTX-affiliated digital wallet operating on the Ethereum blockchain executed a $2.5 million cryptocurrency transfer featuring assets such as COMP and RNDN. These funds were directed to Wintermute, a renowned global algorithmic trading firm specializing in digital assets.

Reports indicate that Wintermute Trading has received over $10.49 million in cryptocurrency transfers from digital addresses linked to FTX. Most intriguingly, these funds were primarily deposited through top centralized exchanges like Binance and Coinbase, and they encompassed various cryptocurrencies, including ETH, MKR, LINK, AAVE, COMP, and RNDN.

This surge in deposits correlates with recent price increases in multiple cryptocurrencies, including ETH, SOL, LINK, and AAVE, with SOL notably experiencing a remarkable 5.55% gain within the past 24 hours.

READ MORE: Sam Bankman-Fried to Take the Stand in High-Stakes Trial Against FTX

FTX, which faced a liquidity crisis involving its native token FTT leading to bankruptcy last year, has strategically moved its remaining assets to cold storage wallets to mitigate potential losses and unauthorized transactions.

With a new CEO, John J. Ray III, at the helm, the company is actively working on revitalization efforts and intends to unveil a comprehensive plan for its revival by December of this year.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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