The bankrupt crypto exchange FTX has reportedly moved 250,000 Solana tokens (SOL) worth $10.83 million to Binance. 

As Solana became one of the outperformers of the current rally, there has been speculation about manipulation of its price. Meanwhile, FTX continues to move the tokens to the Binance crypto exchange.

FTX Executes Full-Fledged Offloading of Solana

On-chain insights platform Spot On Chain, shared on X (Twitter) that FTX has deposited 250,000 SOL tokens to Binance at the price of $43.32. 

The movement of assets to centralized exchange does not mean they would be sold immediately. However, sales is one of the primary purposes of transferring assets to centralized exchanges in most cases.

Spot on Chain further states that the bankrupt crypto company has so far sent 5.74 million SOL, approximately worth $223 million, to various centralized exchanges. Now, FTX holds 1.25 million Solana tokens with a valuation of $54.5 million.

Read more: 8 Best On-Chain Analysis Tools in 2023

Apart from Solana, FTX has also been moving other assets to centralized exchanges. For instance, earlier this week, it got the court’s approval to sell $744 million worth of Grayscale and Bitwise Trust assets.

In August, FTX hired the digital asset management company Galaxy Digital as an advisor to help reduce its crypto exposure.

Chances of Price Man
Go to Source to See Full Article
Author: Harsh Notariya

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details