$333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection

While it’s wide reported that hundreds of millions of dollars successful Ethereum-based tokens were siphoned from the FTX wallet aft the institution filed for bankruptcy connected Nov. 11, 2022, different $333 cardinal worthy of FTX-related bitcoins someway vanished arsenic well. At 1 point, FTX held $3.3 cardinal worthy of bitcoins during its heyday, but by Nov. 7, 2022, the speech held 0.25 bitcoin.

5 Days Before FTX Filed for Bankruptcy, 20,176 Bitcoin Left the Exchange successful Less Than 24 Hours

After Binance’s CEO Changpeng Zhao (CZ) told the nationalist that Binance would beryllium dumping each of its FTT tokens, radical instantly started to ticker FTX’s reaction. In summation to watching FTX’s absorption to CZ’s statements, radical started to oculus the beleaguered exchange’s crypto balances.

A large woody of radical are watching the Ethereum-based addresses that siphoned funds from the speech the aforesaid time it filed for bankruptcy protection. However, FTX besides held astatine slightest 20,176.84 bitcoin (BTC) connected Nov. 5, 2022. Yet the pursuing day, FTX’s BTC reserves dropped to 220.26 bitcoin. By Nov. 7, 2022, information revealed the speech lone held 0.25 bitcoin arsenic it was each transferred good earlier the firm’s bankruptcy filing.

Last year, erstwhile FTX was a apical speech successful presumption of planetary crypto commercialized volume, cryptoquant.com data shows the trading level held 75,303 BTC, and bitcoin was exchanging hands for astir $46K per unit. At that speech complaint successful mid-April 2021, the stash of 75K + bitcoin was worthy astir 3.3 cardinal nominal U.S. dollars.

On Nov. 6, 2022, FTX’s BTC reserves equated to 20,176.84 BTC worthy $409 cardinal that day. Today, the 20,176 missing bitcoins are worthy $333 million.

By mid-September 2021, FTX’s bitcoin reserves dropped down to the 20,000 scope and remained that mode for good implicit a year. An archived snapshot recorded connected May 8, 2022, indicates that coinglass.com information had erstwhile shown FTX was the 11th largest speech successful presumption of BTC reserves.

On that day, FTX held 20,048.43 bitcoin according to coinglass.com’s data. Coinglass present places FTX successful the 18th presumption arsenic it shows the speech holds 7.03 BTC. Cryptoquant.com’s metrics bespeak that FTX’s wallet holds astir 7 BTC connected Nov. 19, 2022. The 20,176.84 BTC is worthy astir $333 cardinal but erstwhile it was transferred the funds were worthy astir $409 million.

The 20,176.84 BTC leaving FTX was reported connected via Twitter and a couple of crypto media publications. Moreover, FTX’s bitcoins vanished earlier CZ told the nationalist Binance would get FTX and past aboriginal revealed Binance backed out of the woody implicit owed diligence.

While the proof-of-reserves conception has been gaining traction, a fig of speech addresses were already known to the public. FTX’s BTC reserve stash was recorded by a fig of onchain information sites including cryptoquant.com, glassnode.com, and coinglass.com.

What bash you deliberation astir the 20,000 bitcoins that vanished from FTX connected Nov. 7, 2022? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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