Estate of Bankrupt FTX and Alameda Research Moves $20 Million in Crypto Assets
The estate of bankrupt crypto exchange FTX and its associated trading arm Alameda Research has transferred approximately $19.4 million worth of crypto assets over the weekend, according to blockchain tracking firm Lookonchain. The wallets belonging to FTX and Alameda moved a significant amount of Solana (SOL) and various other altcoins. Lookonchain is monitoring all the crypto assets that have been transferred out of the FTX bankruptcy estate, which totaled $78.7 million as of October 28th. The top cryptocurrencies that were moved out of the estate’s wallets include SOL, Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and Band Protocol (BAND).
Remaining Crypto Assets Held by Bankruptcy Estate
Lookonchain reports that the bankruptcy estate still holds about $600 million in unsold or untransferred crypto assets, including nearly $100 million in ETH. Eight addresses associated with FTX and Alameda have sold assets recently and currently hold around $619 million in crypto assets. These assets include ETH, FTT, WLD, MATIC, and TOMOE.
Testimonies Against Former FTX CEO Sam Bankman-Fried
Last week, former FTX CEO Sam Bankman-Fried began his testimony following damaging testimonies from ex-colleagues. Caroline Ellison, the former CEO of Alameda, testified that she received instructions from Bankman-Fried to commit multiple crimes. In an interview on the This Week in Startups podcast, reporter Mathew Russell Lee stated that Ellison’s testimony was particularly damning for Bankman-Fried as she clearly described how funds were diverted from FTX to Alameda at his direction.
Hot Take: FTX and Alameda Estate Continues to Make Significant Crypto Transfers
The bankrupt estate of FTX and Alameda Research has moved nearly $20 million in crypto assets, primarily consisting of Solana and other altcoins. Lookonchain’s tracking reveals the ongoing movement of assets out of the estate, with a total of $78.7 million transferred so far. This raises questions about the management and disposition of these assets in light of the bankruptcy proceedings. Additionally, damaging testimonies against former FTX CEO Sam Bankman-Fried further highlight potential misconduct within the organization. The continued movement of substantial crypto assets and the revelations from testimonies underscore the need for transparency and accountability in the crypto industry.
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