Wallets connected to the now-defunct crypto trading firms FTX and Alameda Research have been in the spotlight recently, as they’ve moved a substantial $10.8 million across various platforms.
This movement was identified by the blockchain analysis firm Spot On Chain, which has been monitoring the actions of these entities since October 24th, revealing that they’ve transferred a staggering $551 million using 59 different cryptocurrencies.
The most recent transfer of $10.8 million was diversified across eight distinct tokens.
Among them, $2.58 million found its way into StepN’s GMT, $2.41 million into Uniswap’s UNI, $2.25 million into Synapse’s SYN, $1.64 million into Klaytn’s KLAY, $1.18 million into Fantom’s FTM, $644,000 into Shiba Inu, and smaller amounts in Arbitrum’s ARB and Optimism’s OP.
This saga began on October 24th when the FTX and Alameda wallets initiated a transfer of $10 million to a single wallet address.
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Subsequently, this amount was redistributed to accounts on Binance and Coinbase. A similar transaction of $13.1 million took place on November 1st, further cementing the pattern.
The movement of funds traces back to March when FTX and Alameda first commenced efforts to recover assets for their investors.
During this phase, three wallets associated with these entities shifted $145 million worth of stablecoins to multiple platforms, including Coinbase, Binance, and Kraken.
Notably, $69.64 million in Tether and the remaining $75.94 million in USD Coin were part of this transfer.
While it’s true that the troubled cryptocurrency exchange managed to recuperate over $5 billion in cash and liquid cryptocurrencies during this asset recovery period, it’s essential to acknowledge that its total liabilities still exceeded a staggering $8.8 billion.
This revelation sheds light on the complexities and challenges faced by crypto trading firms, even as they strive to manage and rectify their financial situations.
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