According to the well-known Chinese journalist Colin Wu, there’s been some activity in transferring cryptocurrency involving a Solana address linked to FTX cold wallet.
The address has moved digital assets like LINK, SUSHI, LUNA, and YFI to an Ethereum wallet using blockchain bridges like Wormhole.
An FTX cold wallet with the Solana address has been transferring tokens to Ethereum. The transafer began on August 31. More than $10 million worth of cryptocurrency has been transferred. Wu suspects that this might be an attempt of wallet collection.
Data from the cryptocurrency intelligence platform Arkham reveals that the FTX exchange’s crypto assets portfolio is valued at over $675 million.
Within this portfolio, the highest-value asset is FTT, the native coin of the FTX exchange, which is worth $259.65 million. The second-largest holding is Bitcoin, with approximately $100.57 million.
According to Arkham’s dashboard, FTX currently holds Ethereum worth $17.30 million. Ethereum is the 7th most significant cryptocurrency asset held by FTX. Lower capped cryptocurrencies like LINK, SUSHI, LUNA, and YFI are also on the list in terms of the digital assets FTX holds.
The collpased exchange FTX hired a U.S. cryptocurrency company called Galaxy to provide advice and assistance in managing and selling its cryptocurrency assets.
FTX is getting help to protect themselves from sudden price drops in Bitcoin and Ethereum by using financial strategies so that when they decide to sell these cryptocurrencies, they won’t be affected by unexpected price swings.