Nansen Discovers Massive Crypto Transfers from FTX and Alameda
Recent on-chain data reveals that significant amounts of crypto assets have been transferred from wallet addresses associated with the bankrupt FTX exchange and Alameda Research. This discovery was made by blockchain analytics firm Nansen, which reported that over $60 million had been moved.
However, further analysis shows that nearly $80 million has actually been transferred from FTX- and Alameda-linked addresses in the past week.
Nansen Reveals $60 Million Transfer by FTX and Alameda
In a series of posts on X (formerly Twitter), Nansen disclosed on October 27 that FTX has been moving millions in digital assets, including Chainlink (LINK), Solana (SOL), Ethereum (ETH), Polygon (MATIC), and more, to various exchange addresses.
Initially, Nansen reported that around $8.6 million was sent to a Binance address. However, their latest data shows that FTX subsequently transferred $24.3 million in various tokens to different addresses on Coinbase and Binance.
Additionally, 943K SOL (just under $32M) has been moved from the FTX Cold Storage wallet
This is the address: 9uyDy9VDBw4K7xoSkhmCAm8NAFCwu4pkF6JeHUCtVKcX
That means the total funds that have moved from FTX and Alameda wallets this week is currently more than $60M pic.twitter.com/yNgakImsoV
— Nansen
According to Lookonchain, FTX addresses transferred 309,185 SOL (worth around $10 million), 2 million Band Protocol tokens (equivalent to $3.15 million), 3.82 Perpetual Protocol tokens (worth about $2.3 million), and other crypto assets. Based on Lookonchain’s data, the total value moved by FTX this week amounts to $78.7 million.
Purpose of Transfers and Bankruptcy Proceedings
The purpose of these transfers is currently unknown, and it remains to be seen if they are related to the exchange’s bankruptcy proceedings. This comes after the FTX estate staked $122 million worth of Solana tokens.
FTX exchange is working towards resolving its Chapter 11 court case and has proposed offering customers more than 90% of their missing assets by Q2 2024. Meanwhile, former CEO Sam Bankman-Fried is facing trial for seven fraud-related offenses.
Hot Take: FTX and Alameda Transfer Millions in Crypto Assets
In a surprising revelation, Nansen’s on-chain data shows that wallet addresses connected to the bankrupt FTX exchange and Alameda Research have recently transferred substantial amounts of crypto assets, totaling nearly $80 million. The purpose behind these transfers remains unclear, leaving speculation about their connection to the exchange’s bankruptcy proceedings. With FTX working towards resolving its Chapter 11 court case, it is interesting to see the movement of such significant funds. Meanwhile, former CEO Sam Bankman-Fried’s ongoing trial for fraud-related offenses adds further intrigue to the situation. These developments highlight the importance of transparency and accountability within the crypto industry.
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