FTX Sent Millions From This Altcoin! What’s Behind?

Cryptocurrency exchange FTX has deposited $65 million into the main wallet of Voyager Digital, which is on the verge of bankruptcy.

FTX sends 65 million worth of altcoins to Voyager

On Tuesday, cryptocurrency exchange FTX deposited 50,000 ETH into Voyager Digital’s main wallet. Last month, the cryptocurrency exchange surpassed its biggest competitor, Binance. Also last month, it bought Voyager Digital, which was on the verge of bankruptcy, for $1.4 billion. Now, Nansen’s CEO, Alex Svanevik, shared in a tweet today that FTX has sent 50,000 Ethereum worth $65 million to Voyager Digital’s main wallet.

On September 26, FTX US submitted its highest bid to acquire Voyager Digital, outpacing competitors including cryptocurrency exchange Binance. It delivered $1.4 billion worth of cryptocurrencies to complete the deal. The purchase agreement between Voyager Digital and FTX US is pending in the US court for approval. On October 19, the Southern District of New York Bankruptcy Court will hear the case.

Meanwhile, the Texas State Securities Board and Texas Banking Department are objecting to the Voyager sale. In fact, regulators are investigating FTX Trading, FTX US, and their managers for offering unregistered securities to US residents. Texas regulators believe that FTX US offers yielding accounts similar to Voyager Digital’s yielding deposit accounts. Further, the objection limits FTX to attempting to limit the liability of the Borrowers.

The stock market made a move before the deal was approved

FTX suddenly transferred 50,000 ETH to Voyager before the court approved the buyout agreement. The fund transfer is likely linked to $1.4 billion in asset purchases, including $51 million in cash payments and $60 million in incentives and gains. Following the news, the FTX Token (FTT) price fell hard in a short period of time. It’s still fluctuating around $24 at the time of writing. It melted down to $23 at one point today.

FTX-Visa partnership

The FTT price was spared the woes of the downturn in its market when it was in the news about the exchange’s latest partnership. As of October 7, the exchange confirmed that it is partnering with payment platform Visa. According to the partnership details, Visa will borrow in forty countries. This card will retroactively allow users to make purchases with crypto assets.

As is the case, several investors have referred to cryptocurrencies as speculative assets. But Visa’s head of crypto, Cuy Sheffield, noted that a partnership with the Sam Bankman-Fried-led company could change the narrative. In a new interview, Sheffield stated that collaboration is crucial to the crypto ecosystem. Additionally, he stated that with the partnership, FTT could move to having a real-world use case.