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71 Million XRP Moved by Whales to FTX in Flurry of Exchange Transfers

Mon, 11/07/2022 - 10:15
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Tomiwabold Olajide
FTX exchange is seeing flurry of transfers
71 Million XRP Moved by Whales to FTX in Flurry of Exchange Transfers
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According to crypto data tracker WhaleAlert, over 71 million XRP flowed to the FTX exchange in recent hours. The move was done in two transactions: the first was 35,774,039 XRP worth $16,631,186, and the second was 35,615,409 XRP worth $16,557,439; both were transferred from unknown wallets to the FTX exchange.

The FTX exchange is seeing a flurry of transfers in the wake of Binance's decision to liquidate its FTT holdings and the controversy surrounding Alameda's balance sheet.

According to Nansen data, 26,600 ETH were transferred from Alameda to FTX over the last day. Likewise, a large amount of stablecoins from wallets on Huobi, OKX, Kucoin and other exchanges has moved toward and away from the FTX exchange.

Cyber security intelligence firm PeckShield reports that, on the previous day, Jump Trading withdrew around 40.4 million USDC from FTX. A total of $109.8 million worth of cryptocurrency, including 56,432 ETH and around $13.9 million in stablecoins, were transferred from FTX to crypto lending platform Nexo.

Wu Blockchain reports that FTX's stablecoin net outflow was the largest of any exchange in the past seven days at $292 million.

Here's What's Happening with FTX and Why It Is Selling Millions Worth of Stablecoins

Changpeng "CZ" Zhao, CEO of Binance, announced on Sunday that his cryptocurrency exchange is liquidating its holdings of FTT, a competitor exchange, FTX's, native asset.

Zhao made mention of "recent revelations that have come to light," but he made no further mentions of them in public or answered questions about them.

Etherscan reports that on Saturday, 22,999,999 FTT, worth $584 million at the time - or almost 17% of the FTT in circulation - was moved from a wallet to the Binance exchange. CZ acknowledged that the relocated funds were part of the exchange's decision to sell its holdings in FTT.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.