FTX reorganizing on-chain assets by bridging tokens, consolidating holdings

Sep. 6, 2023

By Mike Dalton

The movement of funds is another step toward the end of FTX's bankruptcy process.

Bankrupt crypto exchange FTX revealed in a tweet on Sept. 6 that it is in the process of moving its cryptocurrency holdings.

The company said that it is moving bridged tokens on multiple networks to their native blockchains. FTX has yet to disclose the specific cryptocurrencies affected by this initiative, as well as the exact amount being transferred.

FTX added that it is migrating Solana (SOL) to BitGo, its qualified cryptocurrency custodian. FTX formerly maintained a close relationship with Solana, and the two parties formed mutual investments and partnerships prior to FTX’s collapse.

The exact value of FTX’s crypto holdings remains uncertain. Reports from April suggested that FTX had recovered $7.3 billion of cash and crypto but provided no distinction between the two. Arkham Intelligence, which provides data on FTX’s known addresses, suggests that the company has at least $384 million of crypto including 1,169 SOL ($23,860).

FTX’s latest statement may partially confirm reports from Sept. 2. Those reports suggested that the company moved $10 million in SOL and other Solana-based altcoins to Ethereum via the Wormhole Bridge in a matter of days.

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