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