FTX is liquidating many crypto assets to expedite the restitution process for users impacted by its collapse two years ago.
Still, certain FTX users are offloading their claims against the exchange. This has resulted in a surge in both transaction volume and prices of these claims.
FTX Moves Over $700 Million in Crypto
Crypto analytics firm Spot On Chain disclosed that FTX and Alameda Research have systematically moved 91 different cryptocurrencies across various networks, including Ethereum, Solana, and Avalanche. This strategic token transfer amounted to $707 million over the preceding three months.
In the most recent transaction, the failed entities sold digital assets, including Ethereum, OKX’s OKB Coin, and others, for $8 million.
These findings align with a recent report stating that FTX was selling crypto for cash. Notably, the firm’s cash reserves nearly doubled to an impressive $4.4 billion from $2.3 billion during the last quarter of the previous year.
Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell
It is worth noting that FTX’s divestment strategy extends beyond cryptocurrencies alone. The company sold nearly 75% of its Grayscale Bitcoin Trust Shares (GBTC) in a matter of days, fetching approximately $600 million.
Users Trade over $1 Billion in Claims
FTX claims trading has exceeded the $1 billion mark. This shows that despi
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Author: Oluwapelumi Adejumo
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