Overview
In a recent development, wallets associated with defunct crypto trading firms FTX and Alameda Research have moved a total of $23.59 million worth of digital assets to leading cryptocurrency exchanges. This movement has been identified by blockchain analytics firm Spot On Chain, which estimates that these defunct entities have transferred a staggering $591 million since October 24, using 59 different cryptocurrency tokens.
Details of the Transfer
The wallets linked to FTX have spread the latest transfer of $23.59 million across 19 tokens. These include 3,150 ETH valued at $6.8 million, 59.6 million ALEPH worth $6.41 million, $2.48 million in Curve (CRV), $990,000 in Avalanche (AVAX), and $848,000 in Chainlink (LINK). Additionally, diverse assets such as PUNDIX, RSR, DOGE, BCH, CHR, AXS, MATIC, UNI, ORBS, FXS, DOT, GMT, 1INCH, and SOL, totaling $6.07 million, were also involved in the transfers. The FTX wallets moved these assets to major exchanges including Binance, Coinbase, OKX, and Galaxy Digital OTC.
Previous Transactions
This recent movement of funds follows previous transactions that took place on October 24 and November 1. On October 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts. Similarly, on November 1, a transaction involving $13.1 million was moved to Binance and Coinbase accounts.
Asset Recovery Efforts
The movement of these funds can be traced back to March when FTX and Alameda began recovering assets for investors. At that time, three wallets associated with these firms moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken. Specifically, $69.64 million in 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.
Remaining Liabilities
Despite recovering more than $5 billion in cash and liquid cryptocurrencies, the troubled cryptocurrency exchange still has outstanding liabilities amounting to $3.8 billion.
