FTX Transferring $8.6M in Ethereum, Chainlink, Aave, and Maker to Binance

In a move that is raising eyebrows in the crypto community, collapsed cryptocurrency exchange FTX is transferring $8.6 million worth of Ethereum, Chainlink, Aave, and Maker tokens to Binance. Many analysts believe that this transfer marks the beginning of FTX’s efforts to repay its creditors.

The transfer was first highlighted by Nansen, a crypto analytics company, on Twitter. It revealed that the funds were moved from FTX and Alameda Research wallets to a Binance address. According to Nansen, this transfer is likely made either to sell the funds immediately or to prepare them for sale in the near future.

Binance, the world’s largest cryptocurrency exchange, was FTX’s biggest competitor before FTX’s untimely demise. Decrypt reached out to FTX for comment, but the company has not responded yet.

FTX was once one of the most renowned and beloved cryptocurrency brands in the industry. However, the exchange went bankrupt last November due to allegations of criminal mismanagement. During the downfall, around $9 billion in client funds went missing. Nevertheless, under its new management, FTX is in the process of returning these lost funds to its users.

The majority of the funds that FTX has to repay are in the form of digital coins and tokens such as Ethereum and Chainlink. Interestingly, FTX’s new management has recently taken up staking, a process of locking up cryptocurrencies to earn interest, with Solana tokens held in their wallets.

Sam Bankman-Fried, the former CEO and co-founder of FTX, is currently facing seven criminal charges related to the collapse of the exchange. Despite the accusations, Bankman-Fried has maintained his innocence. However, prosecutors assert that he criminally mismanaged the exchange and mixed the funds inappropriately.

FTX, which was once a go-to platform for trading and speculating on the future price of cryptocurrencies, went bankrupt almost overnight, leaving many in shock. The arrest of Sam Bankman-Fried, just one month after the collapse, further added to the chaos surrounding FTX.

Bankman-Fried, who used to be part of the elite circles of influential individuals, maintains his innocence. Nevertheless, he is scheduled to testify at his trial, as announced by his own defense lawyers. The trial, taking place at a Manhattan court, is expected to last for another three weeks.