Cryptic Wallet Movements: A Closer Look at the $38.8 Million Crypto Exodus
In 2024, crypto wallets associated with the now-inoperative FTX exchange and its sister company, Alameda Research, transferred $38.8 million worth of digital assets to multiple crypto exchanges. These transfers are under scrutiny as FTX aims to refund its customers amid restructuring. Critics have raised questions about the controversial wallet movements and the plan to repay clients.
Significant Fund Transfers and Moves
Data from PeckShield, a blockchain analytics firm, revealed that in February, these wallets moved at least $7 million to exchanges. Notable transactions include $2.6 million in Ether to Coinbase and $1.1 million in Ton and Fantom to FalconX and Wintermute. In January, around $35 million was transferred to exchanges, with significant transfers including $4.1 million in Cronos to Coinbase and $9 million worth of Wrapped BTC to Binance.
Questionable Timing and Doubts
The timing of these fund transfers is significant, coinciding with the FTX exchange’s restructuring efforts and its promise to fully repay its customers. However, skepticism arose during a court hearing, with critics calling the plan “highway robbery of highway robbers,” expressing concerns over the legal team’s profits from the ordeal.
Hot Take
With 37 days, $38M, and 7 exchanges in question, here’s the real inside scoop of the two companies staging the real crypto drama.
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