FTX Exchange Transfers $10M in Crypto to Coinbase and Binance

Today, more than $10 million worth of assets linked to the defunct crypto exchange FTX have been moved to Coinbase and Binance.

According to data from Arkham Intelligence, the assets involved in this transfer amounted to 2,904 Ethereum (about $5.18 million), 1,341 Maker (valued at $2.02 million), 198,000 Chainlink (around $2.26 million), and 12,000 AAVE (around $1.03 million).

While it’s not definitively clear if these transfers are linked to FTX’s bankruptcy proceedings, the timing of these transactions has understandably raised some concerns within the crypto community. This concern stems from the recent positive momentum in the broader crypto market.

These transfers align with FTX’s recent actions. Just earlier this month, FTX staked Ethereum and Solana assets valued at a substantial $150 million.

In September, FTX disclosed its intentions to migrate bridged tokens from various networks to their native blockchains. Despite these movements, FTX has yet to provide an official comment on the matter as of the time of this report.

Recent developments indicate that the exchange is actively considering a relaunch of its trading operations. According to Kevin Cofsky, an investment banker for the exchange, FTX is reviewing proposals from three different entities.

The relaunch might happen independently, through a strategic partnership, or even through the sale of the exchange. The final decision is expected to be made by mid-December.

Speculation regarding FTX Exchange’s potential relaunch has been circulating since January, spurred by CEO John Ray’s formation of a task force to explore the feasibility of restarting FTX.com.

This idea has garnered support from former FTX users who view a reboot as a more favorable option than a complete liquidation.