FTX Moved Over $100 Million Worth Of Tokens To Nexo In The Last 24 Hours

According to data, over $100 million worth of tokens were transferred from FTX to Nexo, a crypto lending platform, in the last 24 hours. FTX’s stablecoin reserves just hit their lowest level of the year, having dropped 93% in the past two weeks.

There are rumors swirling around that FTX is likely to lose liquidity after the Binance CEO announced that he would liquidate the FTT tokens held by Binance.

Since the end of November 6, a series of this exchange’s assets have been transferred to exchanges. According to data from the crypto-security firm, over $100 million worth of tokens have so far moved from FTX to Nexo, a crypto lending platform in the past 24 hours, including consists of 56,432 ETH (about $89.8 million) and a value of $13.9 million in stablecoins.

Recently recorded an additional $40.4 million USDC transferred from FTX to Jump Trading within the last 24 hours.

The Binance CEO shared that the sale of FTT is a risk management measure drawn from LUNA’s experience. This raises doubts about the financial situation of FTX.

Although Sam Bankman-Fried himself has denied that the financial documents circulating on the Internet are just rumors, and that exchange’s finances have been audited. However, the move of its assets can also lead the community to speculate that the exchange is trying to subsidize FTT.

Updated data from Cryptoquant also shows that FTX’s stablecoin reserves have just hit their lowest level of the year, around $51 million so far and have dropped 93% over the past two weeks.

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