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Collapsed Crypto Exchange FTX Sends Funds to Binance in Preparation for Sale to Repay Creditors

Collapsed Crypto Exchange FTX Sends Funds to Binance in Preparation for Sale to Repay Creditors

CointimeCointime2023/10/25 17:21
By:Cointime

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.

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