Recent tensions between top two cryptocurrency exchanges FTX and Binance, accompanied by a massive sell-off of FTX Token (FTT), led to the collapse of around 130 FTX Group related companies, including FTX Trading, FTX US, West Realm Shires Services and Research Alameda.

Following the resignation of FTX CEO Sam Bankman-Fried and the revelation of the company’s plans to file for Chapter 11 bankruptcy, on-chain data has hinted at the opening of bankruptcy proceedings as more were found FTX wallets that transferred funds to a common Ethereum (ETH ) wallet address.

The wallet address in question received funds from various US-based and international wallets linked to FTX, which amassed over 83,878.63 ETH (worth over $105.3 million) in just two hours starting as of 9:20 p.m. ET on Nov. 11 and has continued to see an influx of funds as of writing.

With all eyes on FTX, late Friday night fund transfers raised questions about the company’s intentions. While some blockchain investigators saw it as the beginning of the bankruptcy process, speculation about bad actors or external hacks have emerged in the crypto ecosystem.

The owner of the wallet was found trading $26 million worth of Tether (USDT) for DAI via 1inclh while approving USDP, a stablecoin issued by Paxos, for trade on the CoW protocol. As the situation evolves, the wallet has also approved transfers and sales of other cryptocurrencies, including Chainlink (LINK), cUSDT and stETH.

Funds originating from FTX wallets were later moved to new addresses, one of which was labeled as FTX on Etherscan, blockchain investigator PeckShield pointed out. Also a subsequent investigation confirmed that 8,000 ETH was transferred from Solana to one of the new addresses in the last hour.

A hacker’s involvement, at this time, seems unlikely as they typically would have moved funds from FTX’s wallet to their own wallets. However, many have pointed to the possible involvement of an insider.

Until the dust settles, the community will continue to monitor the movement of the funds. However, investors are advised to avoid speculation until the reports are confirmed. FTX has not yet responded to Cointelegraph’s request for comment.

Related: The ongoing FTX saga: everything that’s happened so far

Adding to investor concerns, FTX sources told Reuters that between $1 and $2 billion of client money is not accounted for in the company’s spreadsheet.

The unconfirmed report also suggests that SBF secretly transferred $10 billion in funds to Alameda Research, noting that the whereabouts of the missing funds remain unknown.