FTX and Alameda Research Wallets Move $23.59M to Major Crypto Exchanges
Summary:
Over the past four days, digital wallets connected to inactive crypto trading firms FTX and Alamed Research transferred about $23.59 million in digital assets to major crypto exchanges. Spot On Chain, a blockchain analytics firm, monitored these exchanges, noting a total of $591 million was transferred since October 24. The funds' movement traced back to March, when FTX and Alameda began recovering assets for investors, moving $145 million worth of stablecoins to various platforms. While the exchange has recovered more than $5 billion, there are still approximately $3.8 billion in liabilities outstanding.
Over the course of the past four days, digital wallets associated with the now inactive cryptocurrency trading companies FTX and Alameda Research, have transferred digital assets valued at around $23.59 million to leading cryptocurrency exchange platforms. The relocation of these assets was detected by Spot On Chain, a firm specializing in blockchain analytics, which estimated that since October 24, the inactive firms have moved a total of $591 million via 59 separate cryptocurrency tokens. The FTX-linked wallets distributed the recent $23.59 million transfer amongst 19 different tokens, including ETH, ALEPH, Curve, Avalanche and Chainlink.
Furthermore, a range of assets amounting to approximately $6.07 million, which includes PUNDIX, RSR, DOGE, BCH, CHR, AXS, MATIC, UNI, ORBS, FXS, DOT, GMT, 1INCH, and SOL, were implicated in these transitions. These digital assets were transferred by the FTX wallets to several prominent exchanges, including Binance, Coinbase, OKX, and Galaxy Digital OTC. On October 24, the FTX and Alameda wallets moved $10 million to a solitary wallet address, which was subsequently redistributed to accounts with Binance and Coinbase. On November 1, the parties carried out a similar transaction involving $13.1 million being shifted to accounts with Binance and Coinbase.
The movement of these funds can be traced back to March when FTX and Alameda initiated the process of recovering assets for their investors. During this period, three FTX and Alameda Research linked wallets transferred stablecoins worth $145 million to various platforms, including but not limited to Coinbase, Binance and Kraken. Out of the total, crypto exchanges received $69.64 million in Tether USDT into custodial wallets, while the remainder, which amounted to 75.94 million in USD Coin USDC, was moved to a custodial wallet with Coinbase. Although the besieged cryptocurrency exchange has managed to recover over $5 billion in cash and liquid cryptocurrencies, it still has outstanding liabilities worth roughly $3.8 billion.
Published At
12/9/2023 12:38:52 PM
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