Although it is widely reported that hundreds of millions of dollars in Ethereum-based tokens were siphoned from the FTX wallet after the company filed for bankruptcy on Nov. 11, 2022, an additional $333 million in FTX-linked bitcoin has also been siphoned off. faded away. At one point, FTX held $3.3 billion in bitcoin at its peak, but on November 7, 2022, the exchange held 0.25 bitcoin.
5 days before FTX filed for bankruptcy, 20,176 bitcoins left the exchange in less than 24 hours
After Binance CEO Changpeng Zhao (CZ) Told the public that Binance was going to dump all of its FTT tokens, people immediately started watching the reaction of FTX. Along with watching FTX’s reaction to CZ’s statements, people have started monitoring the beleaguered exchange’s crypto balances.
A lot of people watch the Ethereum-based addresses who embezzled funds from the stock exchange the same day she filed for bankruptcy. However, FTX also held at least 20,176.84 bitcoins (BTC) on November 5, 2022. Yet the next day, FTX BTC reserves dropped to 220.26 bitcoins. On November 7, 2022, data revealed that the exchange only held 0.25 bitcoin, as everything was transferred long before the company. bankruptcy filing.
Last year, when FTX was one of the top exchanges by global crypto trading volume, cryptoquant.com data shows that the trading platform held 75,303 BTC, and bitcoin was trading hands for around $46,000 per unit. At this exchange rate in mid-April 2021, the 75K+ bitcoin stash was worth approximately US$3.3 billion nominal.
In mid-September 2021, FTX’s bitcoin holdings fell into the 20,000 range and remained that way for over a year. A archived snapshot recorded on May 8, 2022, indicates that data from coinglass.com once showed that FTX was the 11th largest exchange in terms of BTC reservations.
On that day, FTX held 20,048.43 bitcoins according to data from coinglass.com. Coinglass now puts FTX in 18th place as it shows the exchange is holding 7.03 BTC. Measurements from Cryptoquant.com indicate that FTX’s wallet contains about 7 BTC on November 19, 2022. On 20,176.84 BTC is worth around $333 million, but when he was transferred the funds were worth around $409 million.
The 20,176.84 BTC leaving FTX was reported via Twitter and a couple of crypto media posts. Also, bitcoins from FTX disappeared before CZ Told Binance public would acquire FTX then later reveal Binance backward of the due diligence agreement.
Although the concept of proof of reservations has been gain ground, a number of exchange addresses were already known to the public. FTX BTC the reserve pool has been recorded by a number of on-chain data sites, including cryptoquant.com, glassnode.com, and coinglass.com.
What do you think of the 20,000 bitcoins that disappeared from FTX on November 7, 2022? Let us know what you think about this topic in the comments section below.
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