FTX Offloads $127,500,000 in ETH, SOL, and Altcoins: On-Chain Data

Published: Nov 1, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

Crypto exchange FTX and its sister trading firm, Alameda Research, have transferred close to $127.5 million worth of digital assets over the past few days, according to on-chain data tracked by analyst Lookonchain.

$20.2 million moved on November 1

Lookonchain reported FTX moved around $20.2 million in assets on November 1, including:

  • 2,780 Ethereum: $5 million
  • 47.16 million GRT: $4.9 million
  • 1.14 million DYDX: $2.6 million
  • 972,073 RNDR: $2.3 million
  • 71.6 million GALA: $1.37 million
  • 192,906 AXS: $1.06 million

On October 31, FTX transferred another $27.2 million in crypto:

  • 7.17 million RNDR: $17.93 million
  • 131,833 SOL: $4.7 million
  • 1,099 ETH: $2 million
  • 845 MKR: $1.18 million
  • 21.7 million REN: $1.12 million
  • 2.5 million GRT: $273k

Earlier transfers on October 28 ($19 million) included:

  • 309,185 SOL: $10 million
  • 2.03 million BAND: $3.15 million
  • 3.82 million PERP: $2.3 million
  • 46.67 million TRU: $1.78 million
  • 4.39 million BICO: $1 million
  • 915,048 KNC: $686K 
  • 5.47 million CVC: $479K
  • 7,275 BOND: $30K

FTX has not explicitly commented on the asset movements. However, analysts speculate the movements are to boost cash.

Over $127 million flowing out raises questions regarding FTX and Alameda’s status amid unclear market conditions and cascading losses across crypto companies.

Continued monitoring of on-chain flows may reveal whether the exchange is simply rebalancing, shoring up reserves, or facing deeper issues impacting customer assets.

The collapse of FTX was one of the most catastrophic events in 2022. The ripple effect of the downfall affected the crypto industry as a whole, causing several businesses to collapse and crypto prices to fall.

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.