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Paxos Freezes $19 Million In Crypto Tied To FTX

Paxos said on Saturday that U.S. federal authorities had ordered the company to freeze $19 million in bitcoin linked to the insolvent FTX exchange.

Paxos Freezes $19 Million In Crypto Tied To FTX 2

U.S. officials and the Justice Department had already been in touch with rival cryptocurrency exchange Binance by last Thursday to inquire about its dealings with FTX. Binance changed its mind after looking into FTX’s financial situation.

11,184.38 PAXG tokens, worth about $19 million, were frozen by Paxos. Over the previous 24 hours, the tokens had been transferred from FTX.com to unidentified wallet addresses. The company said in its statement:

“Earlier today, Paxos received direction from U.S. Federal Law enforcement to freeze Paxos-issued assets associated with four ethereum addresses.”

The company promised to keep cooperating closely with law enforcement and authorities in charge.

“This is a rapidly evolving matter. We intend to provide updates as appropriate as details come to light.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.