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FTX exchange completes nearly $36 million in MATIC and AVAX tokens transfers

FTX has completed nearly $36 million in token transfers

Bankrupt cryptocurrency exchange FTX has completed nearly $36 million in token transfers. According to Lookonchain, the transactions involved Polygon (MATIC) and Avalanche (AVAX).

Interestingly, these transfers correspond to FTX’s ongoing settlement negotiations with the US Department of Justice (DOJ), which total $4.3 billion.

The MATIC transfer was divided into two sections. One portion, worth approximately $7.45 million in MATIC tokens, was sent to Binance via FalconX.

Concurrently, another segment containing 12.6 million MATIC tokens worth approximately $9.6 million was transferred to Coinbase.

Additionally, FTX transferred approximately $19.25 million in Avalanche tokens (AVAX) to Binance via FalconX. While FTX has been involved in significant token transfers in recent months, the current moves appear especially strategic in light of the ongoing settlement talks.

Although the amounts involved appear to be minor, the market impact is obvious. At the time of writing, the MATIC token was down 1.80% to $0.7573, while AVAX was down 9.18% to $19.98.

This series of token transfers highlights FTX’s initiative to raise funds, potentially for debt repayment and the anticipated relaunch of the FTX 2.0 trading platform.

The crypto community is closely watching FTX’s strategic moves as it navigates settlement negotiations and strives for a fresh start.

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James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.