FTX and Alameda Transfer Millions of Dollars in Digital Assets
In an unexpected turn of events, FTX and its liquidity provider Alameda have moved a substantial amount of digital assets to popular exchanges Coinbase, Binance, and FalconX. According to SpotOnChain, the assets transferred include ETH, ALPHA, POWR, SNT, OXT, RLC, NMR, and NEXO, with a total value of $3.2 million.
Specifically, 1K ETH was sent to Coinbase, while 4.43 million ALPHA was transferred to Binance. Additionally, POWR, SNT, OXT, RLC, NMR, and NEXO were moved to Coinbase and FalconX, attracting attention from crypto investors and traders.
Ongoing Offloading by FTX and Alameda
Interestingly, despite the recent volatility in the crypto market, FTX and Sam Bankman-Fried’s team have continued to offload tokens to various exchanges. In the past week alone, they have transferred a staggering $15.1 million worth of 21 different digital assets. These include TLM, DENT, LOOKS, DODO, FRONT, LINA, REEF, HBTC, SD, GFI, ALCX, and FTM to Binance, Coinbase,
FalconX,
and Wincent. Notably,
they also burned TONCOIN worth $1.03 million.
The transfers made by FTX and Alameda are a result of their legal troubles stemming from the downfall of the exchange. As they face a legal ruling requiring them to repay creditors,
transferring assets to other exchanges has become a recurring strategy for them.
Latest Developments in Sam Bankman-Fried’s Legal Battle
In recent days, there have been significant developments in Sam Bankman-Fried’s legal saga. His parents, Joseph Bankman and Barbara Fried, have filed an appeal to dismiss a lawsuit related to FTX’s attempt to recover allegedly illegitimately transferred funds. Previously, FTX had sought to reclaim millions of dollars from Sam’s parents.
Hot Take: FTX and Alameda’s Asset Transfers Raise Questions
The ongoing movement of assets by FTX and Alameda to various exchanges raises questions about the motivations behind these transfers. With substantial amounts being shifted, it is unclear whether this is a strategic move to protect assets or a response to their legal obligations. Regardless, these actions have caught the attention of the crypto community and sparked speculation about the future of FTX and its associated entities.
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