FTX Estate Sends Funds to Binance, Potentially Preparing for Creditors Repayment
Crypto News

FTX Estate Sends Funds to Binance, Potentially Preparing for Creditors Repayment

1m
Created 1yr ago, last updated 1yr ago

Collapsed crypto exchange FTX has initiated the transfer of $8.6 million worth of Ethereum (ETH), Chainlink (LINK), Aave (AAVE), and Maker (MKR) tokens to Binance.

FTX Estate Sends Funds to Binance, Potentially Preparing for Creditors Repayment
Collapsed crypto exchange FTX has initiated the transfer of $8.6 million worth of Ethereum (ETH), Chainlink (LINK), Aave (AAVE), and Maker (MKR) tokens to Binance, potentially signaling the start of a sale to repay creditors, according to analysts.
View post on Twitter

The flow of cash from the FTX and Alameda Research wallets was identified by Nansen, a crypto analytics firm. Binance, the world's largest cryptocurrency exchange and a former competitor of FTX, is the recipient of the funds.

FTX was accused of criminal mismanagement, which led to its bankruptcy in November, with nearly $9 billion in client cash missing. The new management of the exchange is attempting to restore the funds and perhaps restart the exchange. Meanwhile, Sam Bankman-Fried, FTX's ex-CEO and co-founder, is on trial on criminal charges connected to the exchange's demise.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article