$90 Million Altcoin Transfer from FTX to Coinbase! Price Dropped!

FTX, which received permission from the court in early September to sell its crypto assets, continues its altcoin sales.

At this point, FTX, which has made many sales so far, is preparing to make another sale.

According to Lookonchain’s post, a “4Axqyo…HswTAh” wallet thought to be associated with FTX cold wallets has unstacked 1.5 million Solana (SOL), worth approximately $90 million.

Afterwards, all unstake SOL tokens were transferred to the address “3vxheE5…5mgkom”.

Lookonchain said that the address “3vxheE…5mgkom” also deposited 4.13 million SOL (worth $248.67 million) to Coinbase.

Lookonchain also added that the “4Axqyo…HswTAh” wallet received a large number of transfers from FTX wallets.

“The address “4Axqyo…HswTAh”, which is thought to be related to FTX, removed the stake of over 1.5 million SOL (worth $90 million) 2 hours ago and transferred all SOL tokens to the address “3vxheE…5mgkom”.

And we noticed that the address “3vxheE…5mgkom” also deposited SOL 4.13 million ($248.67 million worth) to Coinbase.

Additionally, the address “4Axqyo…HswTAh” received several large transfers from FTX. At this point, it is thought that these transfers may be related to FTX.

The address ‘3vxheE…5mgkom’ also transfers large amounts of Solana to Coinbase, and after receiving large amounts of SOL, sends it to multiple new addresses to store SOL.

At this point, the address ‘3vxheE…5mgkom’ resembles Coinbase’s internal address.”

1/ FTX-related address “4Axqyo…HswTAh” unstaked 1.5M $SOL($90M) 2 hours ago and transferred it to “3vxheE…5mgkom”.

And we noticed that “3vxheE…5mgkom” deposited 4.13M $SOL($248.67M) to #Coinbase 11 hours ago. pic.twitter.com/pQRNDZCvgy

— Lookonchain (@lookonchain) December 5, 2023

While Bitcoin (BTC) and altcoins have attracted attention with their recent rise, Ethereum (ETH) rival Solana entered a strong price correction today.

At this point, SOL is trading at $59, down 6.1% in the last 24 hours.

As it is known, Solana experienced a large price increase last month. Solana, which has increased by over 402% in the last month, reached up to 68 dollars.

While Solana continues to attract investors’ attention with its rise, the recent drop in price coincides with FTX’s large Solana transfers.

*This is not investment advice.