FTX and Alameda Research Continue Major Altcoin Transfers Following Court-Ordered Liquidation
Summary:
On November 1, wallets linked to the defunct crypto exchange FTX and Alameda Research transferred over $13 million in various altcoins to multiple crypto exchanges. This follows a consistent pattern of significant crypto transfers from FTX-associated wallets observed over the past month, following a court-sanctioned, phase-out liquidation process. The total value of assets transferred to crypto exchanges from FTX and Alameda wallets over the past week alone exceeds $78 million.
On the morning of November 1, wallets associated with the now-inoperative cryptocurrency exchange FTX and its affiliate trader, Alameda Research, transferred more than $13 million in assorted alternative cryptocurrencies to multiple crypto exchanges. On-chain analysis company Spotonchain stated that the initial transaction involved FTX's wallet dispatching altcoins, collectively worth $8.12 million, to Coinbase. The transacted assets contained 46.5 million of GRT (valued at $4.85 million), 972,073 of RNDR ($2.3 million), and 708.1 of MKR ($967,000).
After a three-hour gap, additional transactions of $5.49 million were made to Binance and Coinbase from the FTX and Alameda Research wallets. The three highest valued assets in this transfer included 1.14 million of DYDX ($2.64 million), 192,888 of AXS ($1.05 million), and 5,858 of AAVE ($522,000).
Before the convenient $13.1 million fund transfer on the first day of November, crypto analytics company Nansen observed numerous movements of FTX-related wallets. These movements recorded multi-million dollar deposits of various cryptocurrencies into several crypto exchanges over the preceeding week. An initial amount of $8.1 million worth of alternative cryptocurrencies was transferred to Binance, followed by an estimated further transfer of assets amounting to $24.3 million. These assets, originating from wallets linked to FTX and Alameda, were deposited into Binance and Coinbase.
On October 31, FTX associated 1.6 million Solana (SOL) tokens, valued at $56 million, were unstacked and transferred to an unidentified wallet. A further 930,000 SOL tokens, worth $32 million and linked to FTX and Alameda, were relocated to another unspecified wallet, thought to be associated with Galaxy Digital, the officially appointed firm for the liquidation process.
Spotonchain data compilation indicates that a total of $78 million worth of assets had been dispatched to crypto exchanges from FTX and Alameda wallets in the previous week alone. Following a court-sanctioned phase-out liquidation procedure, FTX-related wallets have consistently deposited their alternative cryptocurrencies into crypto exchanges over the preceding month. In accordance with a predetermined rule, the court ruling permits FTX to liquidate digital assets amounting to over $3 billion via an investment advisor in weekly amounts. This phase-out liquidation process grants FTX the allowance to sell $50 million worth of assets weekly, leading to a limit of $100 million in the following weeks. With prior written consent from the creditors’ committee and ad hoc committee and after court endorsement, this cap can be elevated up to $200 million each week.
Published At
11/1/2023 9:25:46 AM
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