Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies.
Blockchain analysis firm Spot On Chain found $10.8 million worth of cryptocurrencies being moved from FTX and Alameda Research accounts to various crypto exchanges. The firm estimated that the defunct entities transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens.
#FTX and #Alameda moved out $10.8M worth of 8 assets to #Wintermute, #Binance, and #Coinbase in the past 11 hrs:
— Spot On Chain (@spotonchain) December 1, 2023
10M $GMT ($2.58M)
407K $UNI ($2.41M)
5.23M $SYN ($2.25M)
8.76M $KLAY ($1.64M)
3.87M $FTM ($1.18M)
77.77B $SHIB ($644K)
and small amounts of $ARB and $OP.
Note… https://t.co/UZkn8bmQ89 pic.twitter.com/0jb5ZMHvC7
The latest transfer of $10.8 million was spread across eight tokens — $2.58 million in StepN (GMT $0.26), $2.41 million in Uniswap (UNI $6.08), $2.25 million in Synapse (SYN), $1.64 million in Klaytn (KLAY), $1.18 million in Fantom (FTM $0.32) , $644,000 in Shiba Inu (SHIB $0.000008) and small amounts of Arbitrum (ARB) and Optimism (OP).
On Oct. 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts. On Nov. 1, a similar transaction occurred between the parties involving $13.1 million being moved to Binance and Coinbase accounts.
The funds’ movement dates back to March 2023, when FTX and Alameda began the process of recovering assets for investors. At the time, three wallets associated with FTX and Alameda Research moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance and Kraken.
Out of the lot, $69.64 million Tether (USDT $1.00) was moved to custodial wallets on crypto exchanges, while the remaining 75.94 million USD Coin (USDC $1.00) was transferred to a Coinbase custodial wallet.
While the troubled cryptocurrency exchange had recovered over $5 billion in cash and liquid cryptocurrencies at the time, its total liabilities exceeded $8.8 billion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.