Defunct trading firms FTX and Alameda Research have cashed out $10.8 million worth of cryptocurrencies, distributing them across leading exchanges such as Binance, Coinbase, and Wintermute. This article goes into the details of the transfer, explores the involved tokens, and sheds light on the ongoing asset recovery process by these entities.
Read More: The Crypto King’s Fall: Sam Bankman-Fried’s Guilty Verdict
FTX and Alameda Research’s Crypto Transfer
Blockchain analysis firm Spot On Chain has uncovered a noteworthy development: wallets associated with defunct crypto trading firms FTX and Alameda Research have moved $10.8 million worth of cryptocurrencies to accounts across Binance, Coinbase, and Wintermute. This transfer marks another chapter in the ongoing saga of asset reallocation.
Breakdown of Token Distribution
The $10.8 million transfer was divided among eight tokens, namely Stepn (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB), and Optimism (OP). Each token received a specific allocation, with Stepn (GMT) receiving $2.58 million, Uniswap (UNI) obtaining $2.41 million, Synapse (SYN) securing $2.25 million, and so forth.
Previous Transfers and Recovery Efforts
This recent transfer follows previous movements initiated by FTX and Alameda Research. Since October 24, these entities have reportedly transferred a staggering $551 million using 59 different cryptocurrencies. Notably, in March 2023, the asset recovery process commenced, whereby FTX and Alameda wallets moved $145 million worth of stablecoins to platforms like Coinbase, Binance, and Kraken.
Insight into Asset Recovery and Liabilities
During the recovery process, $69.64 million in Tether (USDT) was moved to custodial wallets on crypto exchanges, while the remaining $75.94 million in USD Coin (USDC) was transferred to a Coinbase custodial wallet. Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX’s total liabilities still exceeded $8.8 billion, underscoring the complexities surrounding the defunct exchange.
Conclusion
The cash-out of $10.8 million by FTX and Alameda Research to Binance, Coinbase, and Wintermute raises not only eyebrows, but also lots of questions and suspicion in the crypto community.
Read More on FTX and Alameda Research:
- FTX Co-Founder Spills the Crypto Tea: Revelations in Sam Bankman-Fried’s Trial!
- FTX’s Big Bang 2.0: How do Investors get Benefited?
- Meet the Biggest Crypto Villains to Walk the Earth!
With a breakdown of the tokens involved and insights into previous asset recovery efforts, this transfer highlights the ever-evolving nature of the crypto space. As the industry continues to mature, such maneuvers and their implications will undoubtedly shape its future trajectory.
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