- The trading platform has not publicly condemned any fraudulent activity.
- FTX filed for bankruptcy in November of last year.
FTX, a defunct crypto exchange, is said to be transferring its tokens, creating further uncertainty among the crypto community. These token transfers have sparked a number of hypotheses as to the true intentions of the trading platform, which is currently in the process of paying its creditors.
The remaining tokens linked with the exchange will reportedly be managed by Mike Novogratz’s Galaxy Digital, as was previously reported. The question of whether or not these regular payments are being sent to a Galaxy Digital account or one of its linked wallets is a hot topic of debate.
Creditors Left in Limbo
A snapshot of the transfer requests being shared on social media suggests that the company has already transferred tokens using the Wormhole Bridge. While some transactions have used other channels, Wormhole has been the primary conduit for such transactions.
Some analysts, looking at the trading platform’s token history, have concluded that the recent large-scale token transfers seem suspicious and might be the work of a malicious third party.
This line of thinking is almost debunked since the trading platform has not publicly condemned any fraudulent activity involving its related wallet addresses. Since FTX filed for bankruptcy in November of last year, practically all of its creditors have been left in limbo ever since.
A U.S. court earlier revoked the bail of Sam Bankman-Fried, the ex-CEO and founder of the insolvent FTX, and has been taken into custody. Given that he will soon stand trial on many counts of financial crime related to the fall of FTX last year, this judgment comes just in time.
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