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Home»EXCHANGE NEWS»FTX and Alameda Research Transfer $10.8 Million in Crypto to Binance, Coinbase, and Wintermute
EXCHANGE NEWS

FTX and Alameda Research Transfer $10.8 Million in Crypto to Binance, Coinbase, and Wintermute

By Crypto FlexsDecember 3, 20233 Mins Read
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FTX and Alameda Research Transfer .8 Million in Crypto to Binance, Coinbase, and Wintermute
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These asset movements have been noticed consistently since FTX filed for bankruptcy, leading many to speculate as to the basis for these moves.

According to a recent tweet from Spot on Chain, cryptocurrency accounts linked to collapsed cryptocurrency exchange FTX and its sister trading firm Alameda Research executed over $10 million worth of token transfers across six currencies within 12 hours. The move includes some of the remaining digital assets still under the control of FTX’s bankruptcy administrators. The frequency and strategy of withdrawals has led many people to wonder why they occur.

In the tweet, Spot on Chain received about $2.58 million worth of StepN (GMT), $2.41 million worth of Uniswap (UNI), $2.25 million worth of Synapse (SYN), $1.64 million worth of Klaytn (KLAY), and Fantom (FTM). ) was worth $1.18 million, Shiba Inu (SHIB) was worth about $644,000, and some Arbitrum (ARB) and Optimism (OP) were transferred to exchanges such as Wintermute, Binance, and Coinbase.

This is not the first time such a large transfer has occurred recently, as it is part of a broader pattern since October 24, when FTX and Alameda moved approximately $551 million worth of tokens across 59 digital assets. The size and frequency of these transfers has sparked speculation among many cryptocurrency watchers since the exchange collapsed last year. This is because the purpose of the massive movement of funds was not clear.

🚨 #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

Speculation on why FTX managers are moving funds

These asset movements have been noticed consistently since FTX filed for bankruptcy, leading many to speculate as to the basis for these moves. One possibility that concerns some is that this could be a way to improperly remove money from accounts before any major action is taken on company assets. Perhaps some insiders will try to withdraw as much as possible while maintaining access.

Speculation is also growing about a rebrand of FTX and its revival under new leadership, so the fund transfer could be a necessary part of the process to put some structural pieces in place or prevent the exchange’s wallets from being completely frozen.

Overall, one thing is certain: FTX’s creditors are likely to remain anxious, demanding repayment. Anytime you see money being drained from your FTX address, you could be in trouble. This is because no specific plan has yet been established on how to return lost investments.

Creditor Asset Recovery Procedure

Last March, FTX and Alameda Research reportedly sent around $145 million worth of stablecoins to various exchanges as they began efforts to recover assets for creditors. Some funds were moved to custodial wallets and some were held as stablecoins. So far, the troubled exchange has been able to recover more than $5 billion in cash and cryptocurrency out of a total outstanding debt of more than $8 billion. This may add some muscle to the possible rebranding and recovery process.

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