Overview
Blockchain analysis firm Spot On Chain has discovered that wallets linked to defunct crypto trading firms FTX and Alameda Research have moved $10.8 million worth of cryptocurrencies to accounts in Binance, Coinbase, and Wintermute. The transfers were made using eight different cryptocurrencies, and this is just a part of the estimated $551 million that the entities have transferred since October 24, utilizing 59 different cryptocurrency tokens.
The Latest Transfer
The recent transfer of $10.8 million was made across eight tokens, including StepN (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB), and Optimism (OP).
Previous Transactions
In October, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was then redistributed to Binance and Coinbase accounts. Another transaction occurred on November 1, involving $13.1 million being moved to Binance and Coinbase accounts.
Asset Recovery Process
The movement of funds began in March 2023, when FTX and Alameda started the process of recovering assets for investors. At that time, three wallets associated with the firms moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken. The majority of the funds, $69.64 million in Tether (USDT), was transferred to custodial wallets on crypto exchanges, while the remaining $75.94 million in USD Coin (USDC) was moved to a Coinbase custodial wallet.
Financial Situation
Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX's total liabilities still exceed $8.8 billion.
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