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Mysterious transfers from FTX to Binance and Coinbase: What does $10 million mean?

Patricia Zamwana 1 min read
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In the midst of a bankruptcy process, crypto platform FTX is raising questions by moving $10 million, in the direction of Binance and Coinbase.

FTX transfers $10 million to two industry giants

FTX is once again at the center of discussions. Having recently expressed its intention to refund up to 90% of its customers’ funds over the next year, a new piece of information has put it in the spotlight. FTX appears to have made some major financial moves.

According to data provided by Arkham Intelligence, FTX, in the early hours of October 25, made a massive transfer of assets totaling an impressive amount of over $10 million to Coinbase and Binance.

The transfer includes:

  • 2,904 Ethereum ($5.18 million),
  • 1,341 Maker tokens ($2.02 million),
  • 198,000 Chainlink tokens ($2.26 million), and
  • 12,000 AAVE tokens ($1.03 million).

These recent actions add to a series of recent FTX initiatives, including the plan to liquidate its crypto assets including Ethereum, Bitcoin and Solana worth $3.4 billion.

So far, the motivation behind these transfers remains unclear. However, according to some experts, FTX, having obtained court approval to sell its assets, may have made these moves with this in mind.

This revelation by Arkham Intelligence comes at a time when FTX is at the heart of many news stories. Kevin Cofsky, a spokesman for the platform, recently mentioned that FTX was considering relaunching its trading activities, either autonomously or via a partnership. What’s more, the sale of the platform is also under discussion. Wait and see.