Wallets linked to defunct cryptocurrency trading firms FTX and Alameda Research moved $10.8 million using eight cryptocurrencies to accounts at Binance, Coinbase, and Wintermute.
Blockchain analytics firm Spot On Chain discovered $10.8 million worth of cryptocurrency moving from FTX and Alameda Research accounts to various cryptocurrency exchanges. The company estimated that the defunct entities had transferred $551 million using 59 different cryptocurrency tokens since October 24.
#FTX and #alameda Of the eight assets, assets worth $10.8 million were transferred to: #wintermute, #Binanceand #Coinbase During the last 11 hours:
10M $GMT ($2.58 million)
407K $UNI ($2.41 million)
5.23 million $SYN ($2.25 million)
8.76 million $KLAY ($1.64 million)
3.87 million $FTM (USD 1.18 million)
77.77B $SHIB ($644,000)
and a small amount $ARB and $OP.reference… https://t.co/UZkn8bmQ89 pic.twitter.com/0jb5ZMHvC7
— Spot on Chain (@spotonchain) December 1, 2023
The most recent $10.8 million transferred includes $2.58 million from StepN (GMT), $2.41 million from Uniswap (UNI), $2.25 million from Synapse (SYN), $1.64 million from Klaytn (KLAY), and $1.18 million from Fantom (FTM). Distributed across 8 tokens, including dollars. ), $644,000 from Shiba Inu (SHIB), and smaller amounts from Arbitrum (ARB) and Optimism (OP).
On October 24, FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts. On November 1, a similar transaction occurred between the parties involving $13.1 million being moved to Binance and Coinbase accounts.
Related: Former FTX Executives Team Up to Build New Crypto Exchange 12 Months After FTX Collapse: Report
The fund’s movements date back to March 2023, when FTX and Alameda began the asset recovery process for investors. At the time, three wallets associated with FTX and Alameda Research moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken.
Among them, $69.64 million of Tether (USDT) was moved to the cryptocurrency exchange’s management wallet, and the remaining $75.94 million of coins (USDC) were moved to the Coinbase management wallet.
The troubled cryptocurrency exchange recovered more than $5 billion in cash and liquid cryptocurrency at the time, but had total debt exceeding $8.8 billion.
magazine: Real-world AI and cryptocurrency use case #4: Fighting AI fakes through blockchain