FTX's Cold Storage Witnesses $19M Token Transfer: Solana, COMP, ETH On The Move

The group in charge of wallets associated with the insolvent crypto exchange FTX's cold storage has transferred tokens to various cryptocurrency exchange addresses.

Thursday witnessed more than $19 million worth of SOL, COMP, and ETH tokens from its cold storage to different crypto exchange addresses, blockchain data indicated as reported by CoinDesk.

On-chain analytics firm Peckshield data shows around 470,000 SOL (worth $15 million) moved to different wallets at exchanges like Binance and Coinbase Global Inc COIN. An Ethereum-based ETH/USD FTX-linked wallet transferred $2.5 million worth of various tokens, including 11,000 COMP and some in RNDN, ETH, MKR, LINK, and AAVE to the Binance deposit address of Wintermute Trading, according to CoinGape.

Wintermute has already received more than $10.49 million in crypto transfers solely from FTX-related addresses. Funds have been deposited mostly through centralized exchanges like Binance and Coinbase. The last lot of 1,395 Ether, worth $2.5 million, was transferred to a Coinbase address.

Also Read: Crypto Trader Who Predicted Bitcoin 2018 Collapse Predicts Solana 'Floodgates' To Be Unleashed After It Reaches This Level

Will Sam Bankman’s final trial be unleashed until Benzinga’s Future of Digital Assets conference that is scheduled in New York on Nov.14. Attend and learn more about the history of FTX and its downfall. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

These significantly large transfers come amid the recent price surges across the crypto board. Solana SOL/USD saw a 33% growth in the past week while ETH (+14%), LINK (+51%), and AAVE (+23%) also experienced significant gains.

Cold storage is an online wallet not connected to the internet compared to a hot wallet held on a crypto exchange or online.

On Wednesday, the debtor group moved an $8 million tranche of tokens to Binance spread across several transactions, CoinDesk reported. In early October, the group staked more than $122 million in SOL and $30 million in ETH.

Among the latest developments surrounding FTX, Sam Bankman-Fried is expected to testify in his fraud trial on Thursday, as FTX is currently evaluating options for its sale.

Read More: Sam Bankman-Fried To Testify In Court: Crypto Market Holds Its Breath

What will be the decision on FTX cold wallets and its future as a company? Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

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