FTX assets take action, community on alert

Recent tensions between the two major cryptocurrency exchanges, FTX and Binance, have resulted in the bankruptcy of nearly 130 companies, including FTX Trading, FTX US, West Realm Shires Services and Alameda Research within the FTX Group.

The company filed for bankruptcy under Article 11 in the US, while CEO Sam Bankman-Fried also resigned. On-chain data shows that the bankruptcy process has begun. It seems that transfers are made from many wallets belonging to FTX to a common Ethereum (ETH) wallet address.

Aforementioned to Ethereum address Sent from international and US-based wallets connected to FTX. The amount of assets sent with the transactions that started in the morning today exceeded 83,878 ETH ($105 million) in just two hours. As of the publication time of the translation, it is still being sent to the wallet address.

While all eyes were on FTX, these late transactions left a question mark in the minds of the company’s intentions. While some blockchain researchers interpret the situation as the beginning of the bankruptcy process, others think that the exchange’s intentions are bad or that it may have been hacked from the outside.

Twitter user @AutismCapital suggested that FTX employees may be trying to escape with cryptocurrencies. The user said employees tried to “launder” $380 million worth of assets.

FTX assets take action, community on alert

It appears that the wallet owner has converted $26 million worth of Tether into DAI via 1inch. The same wallet also trades with USDP on the CoW protocol. With the emergence of new details about the incident every minute, it was understood that the wallet address was also trading with cryptocurrencies such as Chainlink (LINK), cUSDT and stETH.

PeckShield pointed out that assets transferred from FTX wallets were then moved to a new address. This address is marked “FTX” in Etherscan. PeckShieldconfirmed that 8,000 ETH was moved to a new address from the Solana network in the same process.

FTX assets take action, community on alert

Since hackers usually transfer the stolen assets to their own wallets, it is not possible to talk about a hacker at this stage. Still, many community members believe this may have been done from within the company.

Soruce : https://tr.cointelegraph.com/news/ftx-funds-on-the-move-bankruptcy-proceedings-insider-threat-or-a-hack

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