The bankrupt FTX exchange emptied its FTT treasury account to a new wallet address on April 18.
Arkham Intelligence dashboard showed that the transferred assets from the FTT Treasury wallet included 195.87 million FTT tokens worth approximately $247 million, 1,938 ETH worth approximately $6 million, and 6.36 million JOE tokens worth $3, 25 million.
As a result, the Treasury wallet now only holds about $205 in digital assets, a significant reduction from the wallet’s balance, which was about $612 million at the beginning of this year.
FTT, the native token of a now-defunct FTX crypto exchange, once gave customers discounts and privileges during the company’s heyday. However, revelations during the trial of former FTX CEO Sam Bankman-Fried showed that the digital asset was used to manipulate the financial data of the exchange and its associated trading firm, Alameda Research.
Since the dramatic collapse of the stock market, the FTT has fallen by a whopping 98% from its peak of $84. Over the past month it has fallen by over 34%, with a further decline of around 28% in the last seven days alone.
The FTX Europe license remains suspended
Meanwhile, FTX regulatory issues continue during the bankruptcy proceedings.
According to a post from April 16 notificationthe Cyprus Securities and Exchange Commission (SEC) has extended the suspension of its European subsidiary license until September 2024.
The directive of the financial supervisor requires that FTX Europe must comply with the Act on Investment Services and Activities and Regulated Markets.
Consequently, FTX Europe remains excluded from offering investment services, entering into business transactions or accepting new clients in light of these regulatory measures. The company is also prohibited from advertising investment services.
Conversely, FTX Europe must execute all pending transactions for itself and its customers upon request. Furthermore, the SEC mandates the company to redeem all funds and financial instruments of its customers.