FTX and Alameda transfers another $22M worth of crypto asset

Blockchain analysis firm Lookonchain reported that cryptocurrency powerhouses FTX and Alameda Research are actively engaged in a substantial transfer of digital assets, amounting to an impressive $22 million. The diverse cryptocurrency mix comprises $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO.

Following their bankruptcy declaration, FTX and Alameda Research have actively maneuvered in cryptocurrency, another bouquet of digital assets, transferring significant amounts to prominent exchanges. Since October 2023, the company has orchestrated remarkable transactions, reaching a cumulative value of $551 million across 59 diverse tokens.

In their most recent move, a transfer of $10.8 million transpired on platforms such as Wintermute, Binance, and Coinbase. The latest transfer of $10.8 million was spread across eight tokens: $2.58 million in StepN’s GMT, $2.41 million in Uniswap’s UNI, $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM, $644,000 in Shiba Inu’s SHIB and small amounts of Arbitrum’s ARB and Optimism’s OP.

On Oct. 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts. Nov. 14, 2023, witnessed another peak as $24 million in cryptocurrency assets reverberated across Kraken and OKX exchanges. Empowered by a U.S. court-approved plan, they can now sell digital assets, initially up to $100 million, with the possibility of an increase to $200 million, pending special committee approval.

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The opening chords of this financial composition sounded in March 2023, orchestrating a skillful transfer of $145 million in stablecoins to platforms including Coinbase, Binance, and Kraken.

Even after recouping assets surpassing $5 billion, FTX grapples with a challenging scenario, burdened by liabilities surpassing $8.8 billion. The gravity of this financial strain becomes evident as FTX and Alameda navigate ongoing liquidations, portraying a monumental effort to address substantial debts while providing some relief to creditors.

The outcome of this liquidation saga is still unknown, keeping the cryptocurrency community eagerly anticipating the conclusion of this financial composition.

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