The new developments come after a court-mandated phased liquidation process, enabling FTX to sell digital assets worth a total of $3 billion on a weekly basis.
A flurry of activity in the crypto space last night grabbed the attention of industry watchers as the wallets associated with bankrupt crypto exchange FTX and its sister company Alameda Research transferred around $13.1 million in various digital assets to multiple exchanges overnight.
Data from Spotonchain revealed that the exchange sent a total of $8.12 million worth of cryptocurrencies to Coinbase including 46.5 million of the Graph token (GRT) valued at $4.85 million, 972,073 RNDR worth $2.3 million, and 708.1 MKR totaling $967,000.
FTX Moves Crypto Assets to Other Exchanges
Shortly after the initial transfer, the wallet address linked to FTX and Alameda moved additional tokens to Binance and Coinbase. The assets involved in this batch were worth around $5.49 million.
According to the on-chain analysis company, some of the crypto assets in this transaction included 1.14 million DYDX valued at $2.64 million, 192,888 AXS amounting to $1.05 million, and 5,858 AAVE totaling $522,000.
🚨🚨 #FTX and #Alameda Research further deposited $5.49M worth of 6 assets $AAVE, $ALICE $AXS, #C98, $DYDX, $ZRX, to #Binance and #Coinbase ~30 mins ago.
Top 3 include:
1.14M $DYDX ($2.64M)
192,888 $AXS ($1.05M)
5,858 $AAVE ($522K)Overall, #FTX and #Alameda Research have… https://t.co/Rw0PnalH6G pic.twitter.com/JPbIXZJPzv
— Spot On Chain (@spotonchain) November 1, 2023
Before this recent move, Nansen, another crypto analytic firm, had been tracking several FTX-linked wallet movements over the past week, estimating a collective movement of approximately $24.3 million in various cryptocurrencies deposited into different crypto exchanges.
On October 27, the company said on Twitter (now X) that the wallet transferred various altcoins worth around $8.1 million to Binance with another batch amounting to around $24.3 million worth of virtual assets was deposited to Binance and Coinbase from the same wallet address.
FTX Moves $56 Million Worth of SOL to Unknown Wallet
In a twist of events on Tuesday, the company was reported to have unstaked 1.6 million Solana (SOL) tokens worth around $56 million and transferred to an undisclosed wallet.
That same day, another 930,000 SOL, valued at $32 million and linked to FTX and Alameda, found its way to another unknown wallet, leading to speculation about a potential connection with Galaxy Digital, the entity overseeing the liquidation process.
930k $SOL moves from @FTX_Official and @AlamedaResearch Solana wallets over last 3 days to wallet 5RAHK.
Is this @novogratz wallet at @galaxyhq Galaxy Investment Partners?
930k $SOL from FTX and Alameda passed through this wallet to wallets:
-3ADzk
-5sTQ5
-Ca469
-8CAAy… pic.twitter.com/LXecevHUqz— MartyParty (@martypartymusic) October 31, 2023
According to comprehensive data from Spotonchain, the beleaguered company has moved a total of $78 million in crypto assets within a period of seven days.
Earlier in September, a crypto wallet also affiliated with the bankrupt exchange transferred $10 million worth of digital assets from the Solana (SOL) network to Ethereum, triggering discussions about potential implications amid the ongoing insolvency proceedings.
Meanwhile, the new developments come after a court-mandated phased liquidation process, enabling FTX to sell digital assets worth a total of $3 billion on a weekly basis.
The process stipulated a weekly sell-off cap, starting at $50 million, with the possibility of increasing up to $200 million per week, subject to approval from the creditors’ committee and ad hoc committee, following requisite court procedures.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
