FTX Moves 19M Dollars Worth of Solana and Ethereum from Cold Storage to Crypto Exchanges

Crypto News- The organization overseeing the management of wallets connected to the cold storage of the insolvent crypto exchange FTX executed transfers exceeding $19 million in various tokens to cryptocurrency exchange addresses on Thursday, as per blockchain data.

FTX Moves 19M Dollars Worth of Solana and Ethereum from Cold Storage to Crypto Exchanges

According to the findings from Peckshield, an on-chain analytics firm, roughly 470,000 SOL, valued at $15 million at current market prices, were relocated to different wallets, and a portion of these funds found their way to centralized crypto exchanges like Binance.

Furthermore, an Ethereum-based wallet linked to FTX shifted tokens worth $2.5 million, which included 11,000 COMP, to a Binance deposit address. These wallet labels were verified by CryptoQuant, another on-chain analytics firm, and this confirmation was conveyed in a Telegram message to CoinDesk.

It’s worth emphasizing that cold storage pertains to offline wallets that are not connected to the internet, as opposed to hot wallets, which are actively used on cryptocurrency exchanges or online.

The group responsible for these wallets has engaged in numerous transactions over recent weeks. Just a day earlier, they transferred an $8 million batch of tokens to Binance via several transactions. In an earlier occurrence in October, the group staked over $122 million in SOL and $30 million in ETH, thereby positioning themselves to earn annual rewards amounting to at least $9 million.