Collapsed Crypto Exchange FTX Sends Funds to Binance in Preparation for Sale to Repay Creditors
Collapsed crypto exchange FTX is reportedly transferring $8.6 million in Ethereum, Chainlink, Aave, and Maker from its wallets to Binance, leading analysts to believe that this is the beginning of a sale to repay creditors. FTX went bankrupt last November due to alleged criminal mismanagement, with around $9 billion in client money going missing. The company's new management is in the process of returning the funds, with a lot of the cash in the form of digital coins and tokens. FTX's ex-CEO and co-founder, Sam Bankman-Fried, is currently on trial facing seven criminal charges related to the collapse of the exchange.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sen. Durbin questions CFTC's ability to regulate crypto following FIT21 passage
Quick Take Some worry the CFTC is “biting off a hell of a lot more than they can chew,” said Sen. Dick Durbin, D-Ill. during a Senate Appropriations subcommittee hearing on Thursday. Durbin also asked SEC Chair Gary Gensler, previously the chair of the CFTC, if the commodities regulator could take on overseeing crypto.
