FTX moves some assets to BitGo accounts
FTX moves some assets to BitGo accounts
Cryptocurrency exchange FTX announced that it is returning some tokens to native blockchains and transferring some assets to BitGo custodian accounts.
The transactions, which the exchange announced on its X (Twitter) page, are expected to improve the security of the tokens and also make them more accessible.
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FTX has also moved SOL and other tokens from existing wallets to BitGo, a certified FTX custodian, Coincu reported.
While the move will improve the security of the tokens, many experts have expressed concern that the potential sale of 7 million SOLs for $134 million could lead to a collapse in the exchange rate. Solana co-founder Anatoly Yakovets, suggested that FTX simply return the tokens to the platform's users, but his call was ignored.
The exchange explained its actions as a normal capital transfer.
Earlier, FTX received court approval to sell some of its crypto assets, raising the possibility of liquidating the platform's altcoin portfolio. The court also appointed BitGo as a trusted custodian in December 2022. The choice in favor of this particular service in FTX explained the reliability and transparency of the latter.
Read also: The U.S. regulator has developed new crypto accounting rules.
