Defunct Crypto Exchange FTX Transfers $36 Million Worth Tokens

• The liquidation move has dragged the MATIC down by 1.80% and AVAX down by 9.18%.
• This action highlights the exchange’s efforts to free up cash that may be used to settle debts.

There has been a fresh wave of token transfers by defunct crypto exchange FTX. Lookonchain reports that the defunct exchange transacted almost $36 million worth of Polygon (MATIC) and Avalanche (AVAX) in the last 24 hours.

Moreover, this move coincides with the exchange’s current settlement negotiations, which are worth a significant $4.3 billion, with the United States Department of Justice (DOJ).

MATIC and AVAX Price Falls

According to the information provided, the MATIC transfer was split into two parts. One was placed to Binance vai FalconX, and the other was sent to Coinbase. The Binance deposit has a total of 10M MATIC tokens valued at about $7.45M at the moment the transfer was conducted, whilst the Coinbase transfer contained 12.6M MATIC worth at about $9.6M.

Moreover, approximately $19.25 million worth of Avalanche tokens (AVAX) were sent to Binance via FalconX. Large-scale token transfers are nothing new for FTX. Several altcoins have been highlighted in these fund shifts over the last several months, as was previously reported, particularly after it received authority from the bankruptcy court to sell its assets.

Even though the amount at stake is relatively tiny, the liquidation move has dragged the MATIC down by 1.80% to $0.7573 and AVAX down by 9.18% to $19.98 at the time of writing.

Also, this action highlights the exchange’s efforts to free up cash that may be used to settle debts and perhaps relaunch the FTX 2.0 trading platform. The exchange is set to play a pivotal role with the relaunch and a fresh start.

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