A deep dive into FTX’s on-chain funds movement
FTX, despite its bankruptcy, is making substantial moves in its token portfolio, leading to speculations of imminent asset sales. In the last few days, FTX, the bankrupt digital currency exchange founded by Sam Bankman-Fried, has undertaken a substantial rearrangement of its token portfolio. The movements come after a U.S. bankruptcy court granted the exchange permission to sell, stake, and hedge a reported $3.4 billion in crypto assets in partnership with Galaxy Digital. With all parties keen to expedite the process, it has commenced even as Bankman-Fried undergoes trial for charges, including fraud and money laundering, stemming from his role in the collapse of FTX. Despite the serious accusations, Bankman-Fried maintains his innocence, and his legal defense team asserts there was no intent to misappropriate customer funds. The rise and fall of FTX Before its fall, FTX and Bankman-Fried played an outsized role in the crypto space. An MIT graduate, Bankman-Fried cut his teeth i...
