FTX Estate Transfers $75M in Ether to Wintermute; ETH Near $2,800

On-chain records show wallets controlled by the FTX bankruptcy estate sent roughly $75 million in Ether to addresses linked to market maker Wintermute as ETH traded near $2,800. The transfer is visible on the public Ethereum blockchain.

The funds were routed across the Ethereum network from estate-controlled addresses to Wintermute. The firm provides trading and liquidity services across spot, derivatives and over-the-counter markets.

Estate managers have been converting parts of the estate’s crypto holdings to cash since FTX’s collapse in November 2022 to raise money for creditor distributions and other bankruptcy obligations. Transfers to professional trading firms have been used to execute large transactions with reduced disruption to public markets.

The transaction does not include details about whether the Ether was sold immediately, used for hedging or held in custody pending further instructions. Blockchain records show the flow of funds but do not reveal contractual terms or settlement arrangements.

No comment was provided by the FTX estate or Wintermute. Transfers of this size are routinely executed through regulated or professional counterparties to manage execution, custody and settlement functions that exceed the capacities of retail platforms.