FTX and Alameda Research Manage Massive Cryptocurrency Transfers amid Financial Struggles
Summary:
Blockchain analysis firm Lookonchain reports that digital currency giants FTX and Alameda Research are conducting large scale transfers of diverse cryptocurrencies, totalling up to $22 million in recent activity. Since their financial insolvency, they have been managing transactions across various platforms, reaching a monumental $551 million as of October 2023. Despite recovering over $5 billion in assets, FTX continues grappling with financial challenges as liabilities surpass $8.8 billion. The cryptocurrency community closely watches these financial movements as they may impact the wider digital market landscape.
According to a statement by Lookonchain, a blockchain analyser, digital currency giants FTX and Alameda Research have been noted to engage in a sizeable transfer of their digital assets, totaling a remarkable $22 million. This move involves a varied portfolio of cryptocurrencies such as $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO. Following their financial insolvency, FTX and Alameda Research have further diversified their digital assets and made notable transfers to leading exchanges. Since October 2023, the total sum of their transactions has risen to an astounding $551 million involving 59 different types of cryptocurrencies.
Today's #FTX/#Alameda transfer entailed the movement of around $22M worth of assets, including:6.26M $IMX($9.12M)20M $GMT($5.29M)1,643 $ETH($3.43M)441,425 UNI($2.69M)77.77B $SHIB($652K)102,651 $BAL($389K)2.24M $LOOKS($261K)801,893 $WOO($179K) Source: Lookonchain (@lookonchain) Dec 2, 2023
In another major move, FTX and Alameda Research transferred a sum of $10.8 million via platforms like Wintermute, Binance, and Coinbase. This sum was distributed across eight different tokens, with the majority stakes in StepN’s GMT, Uniswap’s UNI, and Synapse’s SYN. On October 24, FTX and Alameda transferred another $10 million to a single wallet address, which was later split between Binance and Coinbase accounts. Fast forward to November 14, 2023, a spike in activity was witnessed with a $24 million transaction spread across the Kraken and OKX exchanges. They have been granted permission by the US court to sell digital assets of up to $100 million, with the chance for the limit to be doubled, conditional on the approval of a special committee.
In the opening movements of this marathon, back in March 2023, a shrewd transfer of $145 million in stablecoins was conducted through platforms like Coinbase, Binance, and Kraken. Despite recovering over $5 billion in assets, FTX continues to face overwhelming financial challenges due to liabilities that exceed $8.8 billion. As FTX and Alameda continue to deal with ongoing liquidations, it presents an enormous endeavour to offset their huge debts while relieving their creditors to an extent. How this financial predicament plays out is still uncertain, thereby keeping the cryptocurrency community on edge as they await the closing act of this fiscal drama.
Published At
12/3/2023 10:48:49 AM
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