FTX Suddenly Sends MATIC And AVAX Worth IDR 560 Billion To Coinbase And Binance

FTX sent MATIC and AVAX to the crypto exchange. (Photo; Doc. Bitcoinist)

JAKARTA The bankrupt crypto company, FTX, reportedly sent a number of crypto assets worth US$36 million (equivalent to Rp560 billion) to the world's leading crypto exchanges, Binance and Coinbase. These crypto assets include Polygon (MATIC) and Avalanche (AVAX).

This MATIC and AVAX transfer was detected by the Lookonchain crypto analytic platform, November 23 yesterday. FTX, a crypto trading company founded by Sam Bankman-Fried, has filed bankruptcy protection in November 2022 due to its founder abusing FTX user funds. Recently, Sam Bankman-Fried had to languish behind bars.

A report from Lookonchain said the shipment of crypto assets occurred within 24 hours. FTX sent 12.6 million MATIC coins to Coinbase. Then 10 million MATICs to Binance via FalconX. Then, about 975,859 AVAX coins were also sent to Binance. The total asset is worth 36 million US dollars or Rp560 billion.

Previously, Lookonchain also revealed the shipment of US$78.7 million worth of crypto assets from FTX in October 2023. These assets include Solana (SOL), Ethereum (ETH), Chainlink, and Band Protocol (BAND), as well as Polygon (MATIC).

It does not stop there, FTX is also known to have staked large amounts of SOL crypto assets, 5,546,217 SOL coins, based on the SolanaFM blockchain transaction rover. The address of the crypto wallet that is staking is related to the partner company FTX, namely Alameda Research.

In early November, FTX filed a court permit to sell around 744 million US dollars (Rp 11.5 trillion) in the form of Greyscale and Bitwise assets. The transactions revealed by Lookonchain regarding the delivery of FTX's crypto assets attracted public attention, especially regarding the impact of FTX's sales on the market.