FTX and Alameda Move an Additional $22 Million in Cryptocurrency Assets

In their most recent transactions, FTX and Alameda Research moved $10.8 million across platforms like Wintermute, Binance, and Coinbase, distributing it among eight tokens.

Dec 4, 2023 - 01:25
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FTX and Alameda Move an Additional $22 Million in Cryptocurrency Assets
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Cryptocurrency giants FTX and Alameda Research have been actively involved in significant digital asset transfers, as reported by blockchain analysis firm Lookonchain. These transfers, totaling around $22 million, include a variety of cryptocurrencies such as $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO.

Since declaring bankruptcy, FTX and Alameda Research have continued their cryptocurrency transactions, moving large sums to major exchanges. Since October 2023, they have conducted notable transactions involving 59 different tokens, amounting to a total of $551 million.

In a recent series of transactions, they moved $10.8 million across platforms like Wintermute, Binance, and Coinbase. This amount was distributed among eight tokens, including significant sums in StepN’s GMT, Uniswap’s UNI, Synapse’s SYN, Klaytn’s KLAY, and Fantom’s FTM, among others.

On October 24, FTX and Alameda wallets transferred $10 million to a single address, which was then redistributed to Binance and Coinbase. Another significant movement occurred on November 14, 2023, with $24 million in cryptocurrency assets being transferred across Kraken and OKX exchanges. Following a U.S. court-approved plan, they are authorized to sell digital assets, initially up to $100 million, with potential expansion to $200 million subject to special committee approval.

The financial maneuvers began in March 2023, with a strategic transfer of $145 million in stablecoins to Coinbase, Binance, and Kraken. Despite recovering assets worth over $5 billion, FTX faces a daunting financial situation with liabilities exceeding $8.8 billion. The company is currently undergoing liquidations, attempting to manage its substantial debts and provide some relief to creditors.

The cryptocurrency community remains watchful of the unfolding situation, as the final outcome of FTX and Alameda's asset liquidation and financial restructuring remains uncertain.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.