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Collapsed Crypto Exchange FTX Sends Funds to Binance in Preparation for Sale to Repay Creditors

Collapsed Crypto Exchange FTX Sends Funds to Binance in Preparation for Sale to Repay Creditors

Cointime2023/10/25 17:21
By: Cointime
AAVE+2.43%MKR0.00%ETH+2.00%

Collapsed crypto exchange FTX is reportedly transferring $8.6 million in Ethereum, Chainlink, Aave, and Maker from its wallets to Binance, leading analysts to believe that this is the beginning of a sale to repay creditors. FTX went bankrupt last November due to alleged criminal mismanagement, with around $9 billion in client money going missing. The company's new management is in the process of returning the funds, with a lot of the cash in the form of digital coins and tokens. FTX's ex-CEO and co-founder, Sam Bankman-Fried, is currently on trial facing seven criminal charges related to the collapse of the exchange.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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