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FTX Initiated Massive MATIC, AVAX Transfer, But No One Noticed

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Wed, 22/11/2023 - 15:15
FTX Initiated Massive MATIC, AVAX Transfer, But No One Noticed
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FTX Derivatives Exchange has made a new round of token transfers — but in a subtle way that almost no one noticed. According to data from Lookonchain, the bankrupt digital trading firm moved approximately $36 million in the past 24 hours, with Polygon (MATIC) and Avalanche (AVAX).

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Per the insights shared, the MATIC transfer came in two tranches, including one deposited to Binance and the other deposited to Coinbase. While the Coinbase transfer features 12.6 million MATIC worth approximately $9.6 million, the Binance deposit includes a total of 10 million MATIC tokens valued at $7.45 million at the time the transfer was initiated.

The Avalanche transfer is the largest, and it sees a total of 975,859 AVAX worth $19.25 million sent to Binance exchange. This is not FTX's first rodeo in triggering massive token transfers. As reported earlier by U.Today, several altcoins have been featured in these fund movements in the past few months, especially since it obtained approval from the bankruptcy court to liquidate its holdings.

The fund movement is notably tied to potential liquidations, and though the amount involved is small, the liquidation sentiment has sent shivers down the MATIC and AVAX ecosystems, pulling the tokens down 4.4% to $0.762 and 5.81% to $20.26, respectively.

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FTX grand plan

The transfer underscores the exchange's moves to free up the additional funds it can ultimately deploy to repay its creditors and possibly reboot the trading platform through FTX 2.0.

The unpublicized liquidations hinge on the broader industry's focus on Binance exchange, the trading behemoth that just agreed to a $4.3 billion settlement with the United States Department of Justice (DOJ).

Looking at what the future holds, FTX, with its liquidations, is charting a path that can speedily help in achieving its goals.

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