FTX, the cryptocurrency exchange that suddenly went bankrupt in November 2022, received permission from the court in early September to sell its crypto assets.
Under this permission, the court limited FTX's asset sales to $100 million per week.
At this point, FTX and its subsidiary Alameda Research took action. According to Lookonchain's post, wallets linked to FTX and Alameda transferred four altcoins worth $10 million to Binance and Coinbase.
Altcoins transferred include 2,904 Ethereum (ETH) worth $5.18 million, 1,341 MKR worth $2.02 million, 11,974 Aave (AAVE) worth $1.03 million, 198,804 Chainlink (LINK) worth $2.26 million.
“Are FTX and Alameda selling assets?
FTX and Alameda linked wallets transferred 2,904 Ethereum (ETH), 1,341 MKR worth $2.02 million, 11,974 Aave (AAVE) worth $1.03 million, 198,804 Chainlink (LINK) worth $2.26 million to Binance and Coinbase .”
Although it remains unclear why these transfers were made, experts think that FTX, which received sales permission for crypto assets, made these transfers to sell.
*This is not investment advice.