FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute

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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.

The latest transfer of $10.8 million was spread across eight tokens โ€” $2.58 million in StepN (GMT), $2.41 million in Uniswap (UNI), $2.25 million in Synapse (SYN), $1.64 million in Klaytn (KLAY), $1.18 million in Fantom (FTM), $644,000 in Shiba Inu (SHIB) 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.

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The fundsโ€™ 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) was moved to custodial wallets on crypto exchanges, while the remaining 75.94 million USD Coin (USDC) 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.

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