The FTX has been in the news recently and, as a result, Coinfirm Data team analyzed FTX’s outbound ERC-20 transactions for the month of November. What they found was that, between November 1 and November 8 at 11:00 a.m. UTC, users had transferred tokens worth more than $77 billion using 152 different types of tokens.
The largest share of those transferred tokens was held by Binance, which received 73% of the funds. However, when looking at the top 10 recipients of those funds, it becomes clear that they account for almost all of the value of the transferred tokens, with 99% of the $77 billion total. This is likely because these are some of the most popular and well-known destinations for crypto assets.
Not surprisingly, the lion’s share of these transfers was conducted in stablecoins like USDC and BUSD. This is likely because traders want to avoid volatility when moving such large sums of money around. In total, 46% of all funds were transferred using USDC, while 11% were transferred using BUSD.
The data from Coinfirm’s analysis of FTX’s outbound transactions shows just how much activity has been taking place on the cryptocurrency exchange lately. At the time of writing this article, FTX withdrawals were not available.