FTX and Alameda Research: The Latest Big Move
According to Lookonchain, a blockchain analysis firm, cryptocurrency giants FTX and Alameda Research have made another significant transfer of digital assets, racking up a massive $22 million. The mix of cryptocurrencies includes $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO.
Breaking Down the Crypto Mix
A Tweet from Lookonchain detailed the assets moved in this transaction, which includes $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO, totaling to $22 million.
FTX and Alameda’s Moves
FTX and Alameda Research have been navigating the crypto landscape since declaring bankruptcy, transferring substantial sums to major exchanges, executing mind-boggling moves since October 2023, totaling $551 million across 59 different tokens.
On November 14, 2023, another crescendo echoed as $24 million in crypto assets resonated through Kraken and OKX exchanges. A U.S. court-approved plan now grants them the power to sell digital assets weekly, up to $100 million, with the potential to increase to $200 million, subject to special committee approval.
A Massive Balancing Act
Despite reclaiming over $5 billion in assets, FTX faces a daunting reality with liabilities exceeding $8.8 billion, which is evident through their ongoing liquidations signifying a titanic struggle to settle massive debts while offering a glimmer of relief to creditors.
Hot Take: The Final Note of This Liquidation Saga
The final notes of this liquidation saga remain shrouded in uncertainty, leaving the crypto community eagerly awaiting the resolution of this financial symphony.
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