FTX funds moved to a common wallet raising suspicion

FTX funds moved to a common wallet raising suspicion 1

Last Updated on 44 mins by cryptoevent

As part of the ongoing saga involving crypto exchange FTX and tensions with Binance, there was a major sell off of FTX tokens and companies associated with FTX Group collapsed.

On Friday, FTX CEO Sam Bankman-Fried resigned from the stock exchange and it was announced that FTX was to file for Chapter 11 bankruptcy. Following this news, on-chain data shows that multiple FTX wallets have transferred massive amounts of funds to a shared Ethereum wallet address. In just two hours from November 11th, the address received over 83,878 in ETH – equivalent to more than $105.3 million. The address still sees money coming in.

Transmissions began Friday night at 9:20 p.m. ET, the timing raising suspicions of FTX’s intent. Although this could be the start of the bankruptcy proceedings, some suspect it could indicate a more malicious intent.

The funds from the FTX wallet that went to the shared Ethereum wallet were moved to new addresses. On-chain data shows that 8,000 ETH was moved from Solana to one of the new addresses in the early hours of Saturday.

Although a hack cannot be ruled out, it would be more likely that the attacker moved funds to their own wallet rather than a joint account.

As news of FTX’s filing for bankruptcy and Bankman-Fried’s resignation continue to draw attention to the exchange, the cryptocurrency community and on-chain analytics firms continue to monitor how funds are exchanged and transferred.

The post-FTX funds being moved to a shared wallet first surfaced on Coin Insider.


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