FTX and Alameda Research Transfer $13.35 Million to Binance
In the past 24 hours, FTX and Alameda Research have transferred a total of $13.35 million worth of assets to Binance via Wintermute Trading. This move suggests that the bankrupt crypto exchange and its associated trading wing are actively liquidating assets.
FTX Sells $13.35 Million of Coins
According to on-chain tracker Lookonchain, FTX and Alameda Research deposited COMP and RNDR tokens on October 26, indicating their ongoing liquidation process. COMP prices are stable, but traders expect further gains for an uptrend to occur. On the other hand, RNDR is seeing an increase in value and could break its May 2023 highs.
FTX Receives Court Approval for Token Sales
In September 2023, FTX received court approval to sell tokens and repay creditors. The exchange can sell up to $100 million of tokens weekly, including Bitcoin and Solana. The proceeds will be used to repay creditors in a fair manner, with FTX working with them to develop a distribution plan.
FTX Faces Bankruptcy and SBF Trial
In late 2022, FTX went bankrupt, causing major liquidations in the crypto market. Bitcoin and Ethereum prices dropped significantly. However, prices recovered in Q1 2023, ending H1 2023 with solid gains. The trial of Sam Bankman-Fried (SBF) in Manhattan is ongoing as FTX managers try to compensate creditors. SBF is accused of mismanaging the exchange and embezzling user funds.
Hot Take: FTX Continues Asset Liquidation Amidst Bankruptcy Proceedings
As FTX and Alameda Research transfer $13.35 million worth of assets to Binance, it is evident that the bankrupt exchange is actively liquidating its holdings. This move comes after receiving court approval to sell tokens and repay creditors. While COMP prices remain stable, traders anticipate further gains for an upward trend. Additionally, RNDR is experiencing a surge in value and could surpass previous highs. As FTX navigates bankruptcy proceedings and the SBF trial continues, the fate of the exchange and its creditors hangs in the balance.
Bitro Conwell stands as an intellectual architect, weaving together the roles of crypto analyst, meticulous researcher, and editorial virtuoso with finesse. Amidst the digital intricacies of cryptocurrencies, Bitro’s insights resonate harmoniously with seekers of all stripes, showcasing a profound understanding. His ability to untangle the most complex threads within the crypto landscape seamlessly pairs his their editorial finesse, transforming intricacy into an artful tapestry of comprehension. Guiding both seasoned pioneers and curious newcomers, Bitro’s insights forge a compass for astute decision-making within the ever-evolving cryptoverse. With the craftsmanship of a linguistic artisan, they craft narratives that enrich the evolving chronicle of the crypto cosmos.
