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HomeNewsFTX and Alameda Research Transfer $10.8 Million in Crypto Amid Asset Recovery...

FTX and Alameda Research Transfer $10.8 Million in Crypto Amid Asset Recovery Efforts

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  • FTX and Alameda Research transferred $10.8 million worth of cryptocurrencies to Binance, Coinbase, and Wintermute, involving eight different tokens.
  • Since October 24, a total of $551 million worth of 59 cryptocurrency tokens have been moved by the defunct firms as part of their asset recovery process.

The Ongoing Asset Recovery by FTX and Alameda Research

Wallets linked to the now-defunct crypto trading firms FTX and Alameda Research have been actively moving substantial amounts of cryptocurrencies to various accounts in major exchanges like Binance, Coinbase, and Wintermute. Blockchain analysis firm Spot On Chain reported these movements, highlighting the scale and diversity of assets being transferred.

Details of the Recent Cryptocurrency Transfers

The most recent transfer involved $10.8 million spread across eight different cryptocurrencies. The breakdown of this transfer includes $2.58 million in StepN (GMT), $2.41 million in Uniswap (UNI), $2.25 million in Synapse (SYN), $1.64 million in Klaytn (KLAY), $1.18 million in Fantom (FTM), and $644,000 in Shiba Inu (SHIB), along with smaller amounts of Arbitrum (ARB) and Optimism (OP). This movement reflects the ongoing efforts by FTX and Alameda Research to manage their assets amid the fallout of their operations.

Tracing the Timeline of Transfers

The process of transferring these funds began in earnest on October 24, when FTX and Alameda wallets moved $10 million to a single wallet address. This was subsequently redistributed to accounts at Binance and Coinbase. A similar transaction took place on November 1, involving $13.1 million transferred to the same exchanges.

Substantial Movements Since March 2023

The movement of funds dates back to March 2023, when FTX and Alameda initiated the asset recovery process for their investors. At that time, three wallets associated with the firms moved $145 million in stablecoins to various platforms, including Coinbase, Binance, and Kraken. Of this amount, $69.64 million in Tether (USDT) and 75.94 million USD Coin (USDC) were transferred to custodial wallets on these exchanges.

Assessing the Financial State of FTX and Alameda Research

Despite having recovered over $5 billion in cash and liquid cryptocurrencies, the liabilities of the troubled cryptocurrency exchange exceeded $8.8 billion. This ongoing asset movement is part of a broader effort to manage the fallout of their operational crisis and fulfill obligations to stakeholders.

In summary, FTX and Alameda Research’s recent transfer of $10.8 million in various cryptocurrencies to major exchanges represents a continued effort in their asset recovery process. This activity, part of a larger series of transfers totaling $551 million since October 24, highlights the intricate process of managing and redistributing assets following the collapse of major players in the cryptocurrency industry.

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Ralf
Ralf
Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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