FTX and Alameda Research Sell $10.8 Million to Binance, Coinbase, and Wintermute

Millions of Dollars Transferred from Defunct Crypto Firms to Exchanges

Wallets linked to defunct crypto trading firms FTX and Alameda Research have moved $10.8 million worth of cryptocurrencies to accounts in Binance, Coinbase, and Wintermute. The transfers involved eight different tokens, including StepN (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB), and Optimism (OP).

Previous Transactions Involving FTX and Alameda Wallets

In the past, FTX and Alameda wallets transferred large sums of money to single wallet addresses, which were then redistributed to Binance and Coinbase accounts. In one instance, $10 million was transferred on October 24, while another transaction involved $13.1 million on November 1.

Recovery Process for Investors’ Assets

The movement of funds began in March 2023 when FTX and Alameda initiated the process of recovering assets for their investors. During this time, three wallets associated with the firms moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken. A significant portion of the funds was transferred to custodial wallets on crypto exchanges.

Financial Troubles of the Crypto Exchange

While FTX had managed to recover billions of dollars in cash and liquid cryptocurrencies, its total liabilities still exceeded $8.8 billion.

Hot Take: Millions Transferred from Defunct Crypto Firms Raise Questions about Asset Recovery

The recent transfers from the wallets of defunct crypto firms FTX and Alameda Research have raised questions about the asset recovery process and the movement of funds to various exchanges. With millions of dollars being transferred using different tokens, it remains unclear how these transactions will impact the overall financial situation of the firms and their investors. The recovery process for investors’ assets has been ongoing since March 2023, but the total liabilities of FTX still exceed its recovered funds. This raises concerns about the long-term viability and stability of the crypto exchange.