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.
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.
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.
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