FTX wallet transfers $10 million in crypto, sparking fear of upcoming token dumps

The transfer of millions of altcoins has raised concerns that FTX is creating potential dumping in crypto markets.

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A wallet owned by bankrupt crypto exchange FTX has moved $10 million worth of digital assets from the Solana Network (SOL) to Ethereum, sparking concerns that it could be the start of a series of token dumps amid exchange bankruptcy proceedings.

According to data from blockchain analytics platform Arkham Intelligence, since August 31, the FTX wallet has transferred $6.23 million worth of Ether (ETH) and more than $4 million worth of altcoins.< /p>

These included $1.2 million FTX token (FTT), $1.8 million Uniswap (UNI), $1.3 million HXRO (HXRO), $550,000 SushiSwap (SUSHI) and $260,000 of Frontier Token (FRONT) — all of which were transferred to another FTX wallet via Wormhole Bridge.

FTX wallets on the go

Over $1.5 billion worth of $SOL, SPL tokens and #Bitcoin packed in FTX Solana addresses are changing‼️

Looks like they are gearing up for possible massive sales.

Keep an eye out for this, especially the ~$200M in #Solana Wrapped $BTC.#crypto #bitcoin… pic.twitter.com/sRDI6hvTJD

— Pumphouse (@pumphouz) September 3, 2023

August 24, FTX