May 29, 2024
Defunct FTX and Alameda Research Wallets in $10.8 Million Crypto Shuffle
Latest Cryptocurrency News

Defunct FTX and Alameda Research Wallets in $10.8 Million Crypto Shuffle

In a recent development, blockchain analysis firm Spot On Chain has shed light on the movement of $10.8 million in cryptocurrencies originating from wallets associated with the defunct crypto trading firms FTX and Alameda Research. This revelation comes as the troubled entities continue to engage in transfers across various exchanges, including Binance, Coinbase, and Wintermute, involving a spectrum of eight different cryptocurrencies.

Spot On Chain’s investigation delves into a larger narrative, revealing that these defunct entities have orchestrated transactions totalling $551 million since October 24. The complexity of these movements is underscored by the utilization of 59 different cryptocurrency tokens. The most recent transfer of $10.8 million was allocated across eight tokens: $2.58 million in StepN, $2.41 million in Uniswap, $2.25 million in Synapse (SYN), $1.64 million in Klaytn (KLAY), $1.18 million in Fantom, $644,000 in Shiba Inu, and smaller amounts of Arbitrum (ARB) and Optimism (OP).

This series of transfers follows earlier transactions on October 24, where $10 million was initially moved to a single wallet address. Subsequently, these funds were redistributed to Binance and Coinbase accounts. A similar transaction on November 1 involved the movement of $13.1 million to accounts on Binance and Coinbase.

The origins of these fund movements trace back to March 2023 when FTX and Alameda initiated the recovery process for investor assets. During this period, three wallets associated with FTX and Alameda Research moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken. Of note, $69.64 million in Tether was directed to custodial wallets on crypto exchanges, while the remaining $75.94 million in USD Coin found its way to a Coinbase custodial wallet.

Despite these substantial recovery efforts, FTX faced financial challenges, with its total liabilities exceeding $8.8 billion at the time. The ongoing movements from these defunct wallets raise pertinent questions about the nature and purpose of these transfers, contributing to the intricate landscape of cryptocurrency transactions. As the industry grapples with increased scrutiny, the actions of entities like FTX and Alameda Research add complexity to the ongoing dialogue surrounding transparency and accountability in the crypto space.

Image: freepik

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