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60% of all FTX Tokens (FTT) in existence have suddenly been transferred between crypto wallets as the dramatic collapse of collapsed crypto exchanges continues.
Blockchain tracking service WhaleAlert, first reported by Etherscan data show 195,869,335 FTT valued at $389,233,378 is moved to an unknown wallet, leaving the FTX contract address.
Submitted FTTs were originally part of a “locked” supply, or tokens that could not be transferred or traded until unlocked in batches. FTT’s maximum supply of 328,895,112 tokens has been fully deployed.
At the time of writing, crypto data aggregators coin gecko It is currently labeled with a warning in FTT.
The FTX Token Contract Deployer has circulated an entire FTT Token that is believed to be locked. Please proceed with caution.
FTX and its trading arm Alameda Research filed for bankruptcy last week after insolvency, but its management has yet to provide an exact explanation of what happened. Following the news of the collapse, the FTT fell, falling more than 92% within 6 days, and remains down nearly 98% from all-time highs, currently trading at $1.89.
Venture Coinist Founder and Crypto Analyst Luke Martin To tell The transfer of whales is not only possible because FTX liquidators or bankrupt companies control the tokens, Note It would be strange for such proceedings to take place late on a Saturday night.
Binance CEO Changpeng Zhao also commented on the FTT’s big move, saying it was not clear what was going on.
FTT contract deployers have moved all remaining FTT supply worth $400 million. This should be unlocked in batches. I’m not quite sure what’s going on.https://t.co/JBPd02xIRk
CZ? Binance (@cz_binance) November 13, 2022
At the time of this writing, the new wallet’s FTT does not appear to be moving, and it is not clear if there is enough liquidity left in the market to absorb the shock if it is sold on the open market.
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