$333 million in Bitcoin disappeared from FTX days before the company filed for bankruptcy protection – Bitcoin News
Hundreds of millions of dollars of Ethereum-based tokens were widely reported to have been siphoned from FTX wallets after the company filed for bankruptcy on November 11, 2022, but another $333 million worth of FTX-related of bitcoins have somehow disappeared. At one point, FTX had $3.3 billion worth of Bitcoin in its heyday, but by November 7, 2022, the exchange held 0.25 of him.
Five days before FTX filed for bankruptcy, 20,176 bitcoins left the exchange within 24 hours
After Binance CEO Changpeng Zhao (CZ) told the public that Binance would destroy all FTT tokens, people immediately started to see the reaction of FTX. In addition to FTX’s reaction to CZ’s statement, people began to take note of the distressed exchange’s crypto balances.
Many people are eyeing Ethereum-based addresses that siphoned funds from exchanges the same day they filed for bankruptcy protection. However, FTX said he had at least 20,176.84 Bitcoins (BTC) on November 5, 2022, but the next day his BTC reserves on FTX decreased to his 220.26 Bitcoins. By November 7, 2022, the exchange revealed that he only had 0.25 bitcoin, according to data. This is because everything was transferred well before the company filed for bankruptcy.
Last year, when FTX was the top exchange by global cryptocurrency trading volume, data from cryptoquant.com showed that the trading platform held 75,303 BTC, with Bitcoin trading at around $46,000 per unit. is shown. At that exchange rate in mid-April 2021, a stash of 75K + bitcoin was nominally worth about US$3.3 billion.
By mid-September 2021, FTX’s Bitcoin reserves had dwindled to the 20,000 range and remained there for over a year. An archived snapshot taken on May 8, 2022 shows coinglass.com data once showed FTX to be his 11th largest exchange in terms of BTC reserves. indicates that
According to coinglass.com data, FTX held 20,048.43 Bitcoins on that day. Coinglass places FTX in 18th place as it shows the exchange is holding 7.03 BTC.Cryptoquant.com metrics show FTX wallets as of November 19, 2022 is holding around 7 BTC. 20,176.84 BTC is worth about $333 million, while the funds were worth about $409 million when transferred.
20,176.84 BTC out of FTX is report Via Twitter and some crypto media publications. Additionally, FTX’s bitcoin disappeared before CZ publicly announced that Binance would be acquiring his FTX, after which Binance withdrew the deal citing due diligence.
While the concept of proof of reserve was gaining momentum, many exchange addresses were already publicly known. His BTC reserve stash on FTX was recorded by many on-chain data sites such as cryptoquant.com, glassnode.com, 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 in the comments section below.
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$333 million in Bitcoin disappeared from FTX days before the company filed for bankruptcy protection – Bitcoin News
Source link $333 million in Bitcoin disappeared from FTX days before the company filed for bankruptcy protection – Bitcoin News
