FTX Crypto Transfer Worth IDR 152 Billion From Solana To Ethereum

FTX is indicated to be selling SOL. (Photo; Doc. Coinchapter)

JAKARTA - The recently bankrupt FTX crypto exchange has moved nearly $10 million in the form of altcoins from the Solana network to Ethereum since August 31. This transfer has become a concern, but the reason has not been officially disclosed.

The transferred altcoins include popular tokens such as LINK, SUSHI, LUNA, and YFI, and the transfer process is carried out throughaihole Bridge, a tool that allows assets to move between different blockchain networks.

While there has been no official confirmation yet, speculation has emerged over whether this transfer is related to the ongoing bankruptcy process at FTX or as part of their request to Galaxy Digital to manage and sell most of their crypto assets.

In this context, FTX has submitted a request to a bankruptcy court to use the Galaxy Digital Capital Management as its investment manager for a number of certain digital assets. They also seek permission to risk crypto assets that are not used to generate passive returns.

According to the proposed agreement, Galaxy will manage, trade and turn FTX assets into fiat currency or stablecoins. In addition, they will protect FTX exposure to cryptocurrency volatility at monthly fiduciary costs.

FTX argues that Galaxy's expertise in selling large amounts of cryptocurrencies without affecting the market makes them a suitable choice to assist FTX in the restructuring and monetaryization of their crypto assets.

In addition to this request, FTX has also filed a separate motion to regulate the management and sale of its digital assets as well as to involve hedging in eligible cryptocurrencies, such as Bitcoin and Ethereum.

FTX has come under criticism for its slowdown in finalizing their bankruptcy plan. FTX's lawyer, Brian Glueckstein, rejected calls to speed up mediation, stating that the process went as planned and was expected to be completed in the second quarter of 2024.

Kris Hansen, the creditor's lawyer, also criticized the high fees FTX charge every month for lawyers and other costs due to their slowdown in solving creditors' problems. FTX is trying to increase creditors' recovery through lawsuits against its founder, Sam Bankman-Fried, investment firm K5, and FTX's acquisition target founders.

The bankruptcy case was first filed in November 2022 after FTX was accused of abusing and losing billions of dollars from customer crypto deposits.