Spot On Chain’s Data Reveals Massive Transfers by FTX and Alameda
Spot On Chain, a leading blockchain data analytics platform, recently released data showing massive transfers made by FTX and Alameda Research to cryptocurrency exchanges.
According to the data, both entities transferred over $38 million worth of digital assets to various exchanges on November 8. The tokens transferred included SOL, ENS, GMT, LDO, APE, BADGER, and BNT.
An In-Depth Look at the Report
Spot On Chain’s data showed that FTX and Alameda transferred funds in seven different digital assets with a total worth of $38.5 million. SOL accounted for $31.2 million, ENS for $2.76 million, GMT for $2.22 million, LDO for $1.26 million, APE for $410K, BADGER for $365K, and BNT for $323K.
As of now, FTX and Alameda have transferred a total of $350 million worth of digital assets in 36 different cryptocurrencies to various crypto exchanges. Among these tokens, SOL stood out as the token with the highest USD value at $211 million.
In recent days, Coingape media reported a series of transactions where FTX and Alameda continuously transferred funds in the form of cryptocurrencies to exchanges like Binance and Coinbase.
Further examination into Spot On Chain’s report on FTX and Alameda Research transfers reveals that FTX’s linked address has crypto holdings worth $463.452 million while the Alameda linked address has crypto holdings worth $248.406 million.
Why Are FTX and Alameda Making Massive Transfers?
FTX and Alameda Research have been causing a stir in the crypto world due to their continuous significant cryptocurrency transfers to exchanges.
These transfers seem to align with the entities’ current objective to liquidate certain digital assets as part of their strategy to reimburse outstanding settlements to creditors. In 2022, Alameda secretly accessed customer funds within FTX to pay off loans due by that summer. As a result, Alameda’s debt soared to a staggering $10 billion due to this misguided approach.
Hot Take: Assessing FTX and Alameda’s Recent Transfers
The recent revelations about massive transfers by FTX and Alameda Research raise questions about their financial strategies and obligations. The significant movement of digital assets is indicative of an attempt to address previous reimbursement issues but also highlights potential risks associated with leveraging customer funds in such transactions.
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