Firms FTX and Alameda transfer $10.8 million in cryptocurrency
FTX and Alameda, both currently under receivership, have transferred $10.8 million in eight different cryptocurrencies to Wintermute, Binance, and Coinbase exchanges. The transferred assets include StepN (GMT), Uniswap (UNI), Synapse (SYN), Fantom (FTM), Shiba Inu (SHIB), as well as small amounts of Arbitrum (ARB) and Optimism (OP). These transfers are part of a larger movement of funds, with FTX and Alameda having moved a total of $551 million worth of 59 tokens since October 2023.
Collapsed FTX and Alameda transfer $24 million worth of crypto assets
In November 2023, addresses associated with the collapsed FTX and Alameda exchanges transferred $24 million worth of cryptocurrency assets to the Kraken and OKX exchanges. This transfer occurred amidst ongoing legal proceedings, with a U.S. court approving a plan for FTX’s digital assets to be sold in order to settle creditor claims.
U.S. court approves plan to sell FTX’s digital assets
A U.S. court has given its approval for the sale of FTX’s digital assets to pay off creditor claims. According to the approved resolution, FTX must liquidate a maximum of $100 million worth of tokens per week for each position. However, with the authorization of a special committee, this limit can be raised to $200 million either on a one-time or ongoing basis.
Hot Take: The ongoing saga of FTX and Alameda’s asset transfers
The recent transfers of cryptocurrency assets by FTX and Alameda have raised eyebrows in the crypto community. With the two exchanges currently under receivership, these movements of funds indicate the challenges faced by both companies. The approval of the plan to sell FTX’s digital assets is a significant development in the resolution of creditor claims. However, questions remain about the future of these exchanges and the impact on their users and investors.
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