FTX and Alameda Transfer Assets to Major Exchanges
FTX and Alameda Research transferred $23.59 million in various tokens to major exchanges for asset recovery.
#FTX and #Alameda Research moved out $23.59M worth of 19 assets to #Binance, #Coinbase, #OKX, #GalaxyDigital OTC in the past 4 days, including:
3,150 $ETH ($6.8M)
59.6M $ALEPH ($6.41M)
3.60M $CRV ($2.48M)
33,388 $AVAX ($990K)
50,282 $LINK ($848K)
and $6.07M worth of 14 other… https://t.co/qnrBHqPpmY pic.twitter.com/dHAXKDGJn7
— Spot On Chain (@spotonchain) December 9, 2023
In a recent development, FTX and Alameda Research, two now-defunct crypto trading firms, have moved a substantial amount of digital assets, totaling $23.59 million, to several leading cryptocurrency exchanges. This latest transfer, distributed across 19 different tokens, signifies a continuing trend in the movement of assets by these firms.
Asset Distribution and Exchange Involvement
The distribution of the $23.59 million transfer encompassed a variety of tokens. Significant among these were 3,150 Ether (ETH), valued at $6.8 million, and 59.6 million Aleph.im (ALEPH), worth approximately $6.41 million. Other notable tokens included Curve DAO (CRV), with a transfer value of $2.48 million, Avalanche (AVAX) at $990,000, and Chainlink (LINK) at $848,000.
The transfer also included a diverse range of assets such as Pundi X (PUNDIX), Reserve Rights (RSR), Dogecoin (DOGE), Bitcoin Cash (BCH), Chromia (CHR), Axie Infinity (AXS), Polygon (MATIC), Uniswap (UNI), Orbs (ORBS), Frax Share (FXS), Polkadot (DOT), STEPN (GMT), 1inch (1INCH), and Solana (SOL). These assets, cumulatively valued at $6.07 million, moved to prominent exchanges like Binance, Coinbase, OKX, and Galaxy Digital OTC.
Tracking the Movement of Funds
Spot On Chain, a blockchain analytics firm, has been closely monitoring these movements. According to their estimates, since October 24, FTX and Alameda have transferred assets totaling $591 million using 59 different cryptocurrency tokens. This latest activity is part of a series of transactions dating back to March, as FTX and Alameda began liquidating assets to repay investors.
On October 24, a notable transfer of $10 million from FTX and Alameda wallets to a single address was recorded, which was subsequently redistributed to Binance and Coinbase accounts. Similarly, on November 1, another $13.1 million was moved to the same exchanges.
Continuing Asset Recovery Efforts
Despite the challenges faced by FTX and Alameda, they have successfully recovered over $5 billion in cash and liquid cryptocurrencies. However, the firms still face a substantial amount of outstanding liabilities, estimated at around $3.8 billion. This ongoing effort to liquidate assets and settle liabilities underscores the significant impact of these firms’ collapse on the broader cryptocurrency market.
Still, their recent transactions, including the movement of $69.64 million in Tether to custodial wallets on various crypto exchanges and the transfer of $75.94 million in USD Coin to a Coinbase custodial wallet, reflect a concerted effort to manage the fallout and fulfill obligations to investors.
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Filed under: Bitcoin - @ December 9, 2023 8:08 pm