Crypto Wallets Linked to Defunct Exchange FTX Send $13 Million in Altcoins to Crypto Exchanges


Crypto Wallets Linked to Defunct Exchange FTX Send $13 Million in Altcoins to Crypto Exchanges
courtesy of cointelegraph.com

FTX and Alameda Research Wallets Transfer $8.12 Million to Coinbase

On November 1, the crypto wallets connected to the now-defunct crypto exchange FTX and its sister trading firm Alameda Research sent over $13 million in various altcoins to multiple crypto exchanges. According to data from on-chain analysis firm Spotonchain, the first transfer was made by the FTX wallet, which sent $8.12 million worth of altcoins to Coinbase. The assets included 46.5 million GRT ($4.85 million), 972,073 RNDR ($2.3 million), and 708.1 MKR ($967,000).

Additional $5.49 Million Transfer Made to Binance and Coinbase

After three hours, the FTX and Alameda Research wallet addresses made another transfer of $5.49 million to Binance and Coinbase. The top three assets with the highest value in this transaction were 1.14 million DYDX ($2.64 million), 192,888 AXS ($1.05 million), and 5,858 AAVE ($522,000).

Nansen Flags Previous Wallet Movements

Prior to the $13.1 million transfer on November 1, crypto analytic firm Nansen had flagged several FTX-linked wallet movements over the past week. These movements involved the deposit of millions in various cryptocurrencies on different crypto exchanges. One batch of altcoins worth $8.1 million was moved to Binance, while Nansen estimated that an additional $24.3 million worth of assets had been deposited into Binance and Coinbase from wallets linked to FTX and Alameda.

FTX Continues to Send Altcoins to Crypto Exchanges

FTX-linked wallets have been consistently sending their stash of altcoins to crypto exchanges over the past month, following a court-ordered phased-out liquidation process. This process allows FTX to sell digital assets worth over $3 billion through an investment adviser in weekly batches, in accordance with pre-established rules. The phased-out liquidation process allows FTX to sell $50 million worth of assets per week, with the cap increasing to $100 million and potentially up to $200 million per week with the consent of the creditors’ committee and ad hoc committee, following court approval.


Crypto Wallets Linked to Defunct Exchange FTX Send $13 Million in Altcoins to Crypto Exchanges
courtesy of cointelegraph.com






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