FTX and Alameda Research Transfer $60 Million in Digital Assets
According to blockchain analytics firm Nansen, addresses associated with the defunct FTX Exchange and Alameda Research have moved over $60 million in digital assets within the past week. The bankrupt exchange transferred cryptocurrencies like Chainlink, Avalanche, and Ethereum to Coinbase and Binance. The transfers included $8.6 million worth of assets earlier in the week and later moved $24.3 million in digital assets to the two exchanges.
The Connection to Bankruptcy Proceedings
The connection between these transfers and FTX’s bankruptcy proceedings is uncertain. A U.S. bankruptcy court recently granted FTX permission to liquidate up to $100 million in cryptocurrency holdings every week.
An Additional $20 Million Transferred
On October 28, FTX moved an additional $20 million worth of assets. This included 309,185 Solana, 2.03 million Band Protocol tokens, 3.82 million Perpetual Protocol tokens, and 46.67 million TrueFi tokens.
Other assets involved in these transfers were 4.39 million Biconomy tokens, 915,048 Kyber Network Crystal tokens, 5.47 million Civic tokens, and 7,275 Barnbridge tokens. In total, FTX has transferred $78.7 million worth of assets this week.
FTX’s Recent Staking Activities
These transfers follow FTX’s staking of $150 million in Ethereum and Solana tokens earlier this month. The stakings were carried out through the institutional staking platform Figment and are expected to yield rewards of approximately 4% on Ethereum and 7% on Solana.
Hot Take: FTX and Alameda Research Transfer Over $60 Million in Digital Assets
In a week marked by bankruptcy proceedings, FTX Exchange and Alameda Research have managed to transfer more than $60 million worth of digital assets. The transfers included various cryptocurrencies such as Chainlink, Avalanche, and Ethereum, moving them to Coinbase and Binance. The connection between these transfers and the exchange’s bankruptcy remains uncertain. Additionally, an additional $20 million worth of assets were transferred on October 28, involving various tokens like Solana, Band Protocol, Perpetual Protocol, and TrueFi. Overall, FTX has transferred a total value of $78.7 million in assets this week. These transactions come after FTX’s recent staking activities with Ethereum and Solana tokens, which are expected to generate significant rewards.
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