March 27, 2024
FTX and Alameda Transfer $38M to Exchanges in 37 Days
Latest Cryptocurrency News

FTX and Alameda Transfer $38M to Exchanges in 37 Days

Crypto wallets associated with the now-defunct FTX exchange and its affiliated company, Alameda Research, have reportedly sent more than $38.8 million in digital assets to multiple cryptocurrency exchanges since January 2024.

Data from blockchain analytics firm PeckShield reveals that these wallets moved at least $7 million in February, with transactions on Feb. 4 involving $2.6 million in Ether (ETH) to Coinbase and about $1.1 million in Ton (TON) and Fantom (FTM) to FalconX and Wintermute. On Feb. 6, the wallets transferred at least $3.3 million in various assets to Coinbase, Coinbase Prime, FalconX, and Binance.

In January, wallets linked to FTX and Alameda moved a minimum of $35 million to exchanges. For instance, on Jan. 4, $4.1 million in Cronos (CRO) was transferred to Coinbase. Later in January, an additional $16.3 million was moved to various exchanges, including $8.9 million in Tether Gold (XAUT) to Coinbase on Jan. 17 and $2.6 million in ETH to Wintermute.

These transactions occurred amid the restructuring efforts of the collapsed exchange, with plans announced to fully repay its customers. However, on Jan. 31, during a U.S. court hearing, FTX revealed that its restructuring plans did not involve a relaunch of the exchange but focused on repaying customers. Critics have voiced concerns about the restructuring plan, and former U.S. Securities and Exchange Commission official John Reed Stark referred to it as “highway robbery of highway robbers” on Feb. 4.

Image by Freepik

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