In a recent series of transactions, wallets associated with defunct crypto trading firms FTX and Alameda Research have transferred $23.59 million worth of digital assets to major cryptocurrency exchanges. This movement was identified by blockchain analytics firm Spot On Chain, which estimates that a total of $591 million has been transferred since October 24, involving 59 different cryptocurrency tokens.
The latest transfer was orchestrated by FTX-linked wallets and involved 19 tokens, including Ether, Aleph.im, Curve DAO, Avalanche, and Chainlink. In addition, various other assets like Pundi X, Reserve Rights, Dogecoin, Bitcoin Cash, Axie Infinity, Polygon Matic, Uniswap, Orbs, Frax Share, Polkadot, Stepn, 1inch, and Solana were part of these transfers.
What’s interesting is that these assets were moved from FTX wallets to major exchanges such as Binance, Coinbase, OKX, and Galaxy Digital OTC. Notably, on October 24, FTX and Alameda wallets initiated a $10 million transfer to a single wallet address, later redistributing the funds to Binance and Coinbase accounts. A similar transaction occurred on November 1, involving $13.1 million moved to Binance and Coinbase accounts.
These substantial transfers appear to be a strategic move to generate liquidity amid financial uncertainties and legal troubles. The objective is to meet obligations to creditors, reflecting a common practice in navigating the complexities of bankruptcy proceedings.
The funds’ movement can be traced back to March when FTX and Alameda started recovering assets for investors. During this period, three wallets associated with these entities moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken.
Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX still has a significant outstanding liability of $3.8 billion. The recent guilty verdict of FTX’s founder, Sam Bankman-Fried, on charges including money laundering and fraud, further adds to the challenges faced by the crypto exchange. However, FTX remains determined to navigate its financial complexities and meet obligations through strategic asset transfers.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Sam Bankman-Fried |
| Companies | Galaxy Digital OTC, OKX, Alameda Research, Coinbase, FTX, Binance |
| Currencies | Avalanche, Curve DAO, Aleph.im, Chainlink, Lido Staked Ether |
| Securities | None |
