Blockchain analytics firm Nansen has reported that bankrupt FTX has been making significant movements of digital assets over the past week, totaling approximately $156 million. One of the notable transactions involved FTX unstaking 1.6 million SOL tokens, worth around $57.6 million, on October 30. Although these assets are currently held in the staking wallet, it is expected that FTX’s fund movement will result in a total transfer of nearly $90 million worth of SOL.
Earlier in the month, FTX liquidators staked approximately $120 million worth of Solana tokens through Figment, an institutional staking service provider. This strategic move aims to generate a potential return of up to 7% in staking rewards and is intended to help maximize the assets of the bankrupt firm.
Nansen’s analysis reveals that FTX has also been transferring other digital assets to various exchanges, including Binance and Coinbase. These transactions encompass approximately $156 million worth of digital assets, consisting of 1,100 ETH valued at $2 million, 10.5 million USDC, and 7.6 million Render tokens worth $500,000. Additionally, FTX has moved 833,000 Kyber Network Crystal (KNC) tokens, amounting to $616,000, and 108 million TRUE tokens worth $420,000. Other assets transferred include 138,000 Band Protocol tokens, valued at $221,000, 2.5 million The Graph tokens equivalent to $273,000, 845 Maker tokens valued at $1.17 million, and 9.5 million REN tokens worth $500,000. Furthermore, FTX has transferred 695,000 Perpetual Protocol Tokens worth $423,000, 767,000 Biconomy Tokens valued at $182,000, and 23,000 Polygon tokens worth $15,000.
Following reports of Google’s $2 billion investment in the artificial intelligence startup Anthropic, prices for FTX claims experienced an increase. Travis Kling, the hedge fund manager of Ikigai, believes that this investment has brought FTX closer to a full recovery from bankruptcy. However, Thomas Braziel, an expert on FTX claims at 117 Partners, reminds creditors to exercise caution. Braziel highlights that the Google-Anthropic investment did not specify a valuation, indicating that the path to recovery for FTX is still uncertain.
Data from Cherokee Acquisition reveals that the value of FTX claims has risen to between 50 and 53 cents on the dollar as of the time of this analysis. This increase in value suggests a potential positive outcome for creditors, but it is essential to recognize the challenges that still lie ahead for the bankruptcy proceedings of FTX.
Overall, the recent movement of assets by bankrupt FTX indicates ongoing efforts to maximize the firm’s remaining digital assets. While the unstaking of SOL tokens and diversification of digital asset movements are noteworthy, caution is advised due to the uncertainties surrounding FTX’s ultimate recovery. Creditors should closely monitor the developments and valuation of FTX claims to make informed decisions regarding their investments.