Millions of Dollars in Digital Assets Transferred by FTX and Alameda Research
Over the course of four days, defunct crypto trading firms FTX and Alameda Research moved $23.59 million worth of digital assets to major cryptocurrency exchanges. Spot On Chain, a blockchain analytics firm, identified the movement and estimated that these entities have transferred $591 million using 59 different cryptocurrencies since October 24.
Details of the Transfers
The wallets associated with FTX spread the recent transfer of $23.59 million across 19 different tokens, including Ethereum (ETH), Aleph.im (ALEPH), Curve DAO (CRV), Avalanche (AVAX), and Chainlink (LINK). Additionally, other assets such as PUNDIX, RSR, DOGE, BCH, CHR, AXS, MATIC, UNI, ORBS, FXS, DOT, GMT, 1INCH, and SOL were involved in the transfers.
Previous Movements
In previous transactions on October 24 and November 1, FTX and Alameda wallets transferred $10 million and $13.1 million respectively to Binance and Coinbase accounts. These transfers are part of an ongoing recovery process for investors that began in March when FTX and Alameda moved $145 million worth of stablecoins to various platforms.
Ongoing Liabilities
Although the recovery efforts have resulted in more than $5 billion in cash and liquid cryptocurrencies being retrieved, there are still outstanding liabilities totaling $3.8 billion.
Hot Take: Defunct Crypto Trading Firms Continue to Transfer Millions Worth of Digital Assets
Defunct crypto trading firms FTX and Alameda Research have been actively transferring millions of dollars’ worth of digital assets to major cryptocurrency exchanges. These transfers have been ongoing since October 24 and involve a variety of tokens, including Ethereum, Chainlink, and Aleph.im. Despite the recovery efforts made by FTX and Alameda, there are still significant liabilities remaining. This highlights the challenges and complexities involved in managing assets in the cryptocurrency space.
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