{"id":14637,"date":"2022-11-20T16:50:48","date_gmt":"2022-11-20T16:50:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/333-million-in-bitcoin-vanished-from-ftx-days-before-the-company-filed-for-bankruptcy-protection-bitcoin-news\/"},"modified":"2022-11-20T16:50:48","modified_gmt":"2022-11-20T16:50:48","slug":"333-million-in-bitcoin-vanished-from-ftx-days-before-the-company-filed-for-bankruptcy-protection-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/333-million-in-bitcoin-vanished-from-ftx-days-before-the-company-filed-for-bankruptcy-protection-bitcoin-news\/","title":{"rendered":"$333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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While it\u2019s widely reported that hundreds of millions of dollars in Ethereum-based tokens were siphoned from the FTX wallet after the company filed for bankruptcy on Nov. 11, 2022, another $333 million worth of FTX-related bitcoins somehow vanished as well. At one point, FTX held $3.3 billion worth of bitcoins during its heyday, but by Nov. 7, 2022, the exchange held 0.25 bitcoin.<\/strong><\/p>\n

5 Days Before FTX Filed for Bankruptcy, 20,176 Bitcoin Left the Exchange in Less Than 24 Hours<\/h2>\n

After Binance\u2019s CEO Changpeng Zhao (CZ) told<\/a> the public that Binance would be dumping all of its FTT tokens, people immediately started to watch FTX\u2019s reaction. In addition to watching FTX\u2019s reaction to CZ\u2019s statements, people started to eye the beleaguered exchange\u2019s crypto balances.<\/p>\n

A great deal of people are watching the Ethereum-based addresses<\/a> that siphoned funds from the exchange the same day it filed for bankruptcy protection. However, FTX also held at least 20,176.84 bitcoin (BTC<\/a>) on Nov. 5, 2022. Yet the following day, FTX\u2019s BTC<\/a> reserves dropped to 220.26 bitcoin. By Nov. 7, 2022, data revealed the exchange only held 0.25 bitcoin as it was all transferred well before the firm\u2019s bankruptcy filing<\/a>.<\/p>\n

Last year, when FTX was a top exchange in terms of global crypto trade volume, cryptoquant.com data<\/a> shows the trading platform held 75,303 BTC<\/a>, and bitcoin was exchanging hands for around $46K per unit. At that exchange rate in mid-April 2021, the stash of 75K + bitcoin was worth roughly 3.3 billion nominal U.S. dollars.<\/p>\n

\"$333
On Nov. 6, 2022, FTX\u2019s BTC<\/a> reserves equated to 20,176.84 BTC<\/a> worth $409 million that day. Today, the 20,176 missing bitcoins are worth $333 million.<\/figcaption><\/figure>\n

By mid-September 2021, FTX\u2019s bitcoin reserves dropped down to the 20,000 range and remained that way for well over a year. An archived snapshot<\/a> recorded on May 8, 2022, indicates that coinglass.com data had once shown FTX was the 11th largest exchange in terms of BTC<\/a> reserves.<\/p>\n

On that day, FTX held 20,048.43 bitcoin according to coinglass.com\u2019s data. Coinglass now places FTX in the 18th position as it shows the exchange holds 7.03 BTC<\/a>. Cryptoquant.com\u2019s metrics indicate that FTX\u2019s wallet holds roughly 7 BTC<\/a> on Nov. 19, 2022. The 20,176.84 BTC<\/a> is worth around $333 million but when it was transferred the funds were worth about $409 million.<\/p>\n

The 20,176.84 BTC<\/a> leaving FTX was reported<\/a> on via Twitter and a couple<\/a> of crypto media publications<\/a>. Moreover, FTX\u2019s bitcoins vanished before CZ told<\/a> the public Binance would acquire FTX and then later revealed Binance backed out<\/a> of the deal over due diligence.<\/p>\n

While the proof-of-reserves concept has been gaining traction<\/a>, a number of exchange addresses were already known to the public. FTX\u2019s BTC<\/a> reserve stash was recorded by a number of onchain data sites including cryptoquant.com, glassnode.com, and coinglass.com.<\/p>\n

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$333 million<\/a>, 20176.84 BTC<\/a>, Bitcoin<\/a>, Bitcoin (BTC)<\/a>, coinglass.com<\/a>, cryptoquant.com<\/a>, ftx<\/a>, FTX Bankruptcy<\/a>, FTX Bitcoin<\/a>, FTX BTC<\/a>, FTX collapse<\/a>, FTX missing Bitcoin<\/a>, FTX Missing BTC<\/a>, FTX’s BTC reserve stash<\/a>, glassnode.com<\/a>, Stolen funds<\/a><\/div>\n<\/div>\n

What do you think about the 20,000 bitcoins that vanished from FTX on Nov. 7, 2022? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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