Blockchain analysis firm Lookonchain has revealed that cryptocurrency giants FTX and Alameda Research are currently involved in a significant transfer of digital assets, amounting to an impressive $22 million.
This diverse mix of cryptocurrencies includes $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO.
Since declaring bankruptcy, FTX and Alameda Research have been actively engaged in maneuvering within the cryptocurrency space, transferring substantial amounts of assets to prominent exchanges.
This ongoing activity began in October 2023 and has resulted in a cumulative total of $551 million transferred across 59 different tokens.
In their most recent move, a $10.8 million transfer occurred across platforms such as Wintermute, Binance, and Coinbase.
This transfer involved eight different 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, as well as small amounts of Arbitrum’s ARB and Optimism’s OP.
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On October 24, FTX and Alameda wallets moved $10 million to a single wallet address, which was later distributed to Binance and Coinbase accounts.
Then, on November 14, 2023, a significant transfer of $24 million in cryptocurrency assets occurred across Kraken and OKX exchanges.
This move was enabled by a U.S. court-approved plan that allows them to sell digital assets, initially up to $100 million, with the possibility of increasing it to $200 million, subject to special committee approval.
The initial chapter of this financial saga unfolded in March 2023, with a skillful transfer of $145 million in stablecoins to various platforms, including Coinbase, Binance, and Kraken.
Despite recovering assets exceeding $5 billion, FTX still faces a challenging scenario, burdened by liabilities surpassing $8.8 billion.
The seriousness of this financial strain is evident as FTX and Alameda continue to navigate ongoing liquidations, making significant efforts to address substantial debts while offering some relief to creditors.
The ultimate outcome of this liquidation process remains uncertain, leaving the cryptocurrency community eagerly awaiting the conclusion of this intricate financial story.
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