FTX Moves Millions in LINK and MATIC Amid Ongoing Criminal Proceedings

Published: Oct 26, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

Cryptocurrency exchange FTX has transferred additional millions in digital assets, according to blockchain data revealed by on-chain analyst Lookonchain.

The latest transfers include:

  • $2.6 million in Chainlink’s LINK tokens
  • $1.3 million in adventure gold AGLD
  • $4.8 million in Polygon’s MATIC, with $1.8 million subsequently sent to Coinbase

The asset movements follow earlier transfers of millions in Solana and Ethereum from FTX wallets to exchanges.

FTX’s asset movement comes amidst SBF’s proceedings

This activity comes as FTX navigates concurrent bankruptcy proceedings and criminal fraud charges against founder Sam Bankman-Fried.

On Thursday, Bankman-Fried testified that FTX lawyers were involved in key decisions underlying the criminal case. He contends he acted ethically while running FTX, which collapsed in November 2022 amid massive customer withdrawals.

Prosecutors allege Bankman-Fried misused FTX customer funds to support his hedge fund, Alameda Research, and make political donations. He faces counts of fraud and conspiracy and denies wrongdoing.

The ongoing legal cases have put the exchange’s remaining assets under scrutiny, though the purpose and recipients of the latest crypto transfers remain unclear.

FTX’s bankruptcy and potential recoveries for creditors will likely depend on the outcome of the fraud proceedings against Bankman-Fried. But in the interim, blockchain data reveals the exchange still maintains control of substantial crypto holdings.

The question of whether Bankman-Fried did the right thing as the CEO of both FTX and Alameda is at the heart of the fraud charges against him. His defense team wants to argue that what he did is common for startups and not something he did on purpose to commit a crime.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.