FTX and Alameda linked wallets transfer $10M of crypto to exchanges in just 5 hours

Wallets linked to bankrupt crypto firms Alameda Research and FTX transferred implicit $10 cardinal worthy of cryptocurrency to speech deposit accounts successful 5 hours connected October 24-25, according to information from blockchain analytics level Spot On Chain. The question of these funds whitethorn bespeak that the firms program to merchantability immoderate assets to wage backmost creditors.

— Spot On Chain (@spotonchain) October 25, 2023

According to Spot connected Chain data, an code listed arsenic “likely” belonging to FTX transferred 2,904 Ether (ETH), worthy implicit $5 cardinal astatine the time, to code 0xde9a61c2b776e2f4c6ddb0c9ad5ccfcfc15b0a9b astatine 8:18 p.m. UTC connected October 24. This code sent $3.4 cardinal of the funds to a Binance deposit code and $1.8 cardinal to a Coinbase deposit address. Thirty-nine minutes later, a wallet identified arsenic belonging to Alameda Research sent $95 worthy of tokens to this address, including immoderate Chainlink (LINK), MakerDAO (MKR), and Aave (AAVE) tokens.

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Over the adjacent 5 hours, an further $5 cardinal worthy of cryptocurrency was sent into this code by FTX and Alameda wallets, including immoderate Compound (COMP) and Render (RNDR) tokens. At astir 2:00 americium UTC connected October 25, this code sent astir $2 cardinal worthy of LINK, $2 cardinal worthy of MKR, and $1 cardinal worthy of AAVE to a Binance deposit address. The full worth of cryptocurrency sent to speech deposit addresses during this play was $10,362,403, according to Spot connected Chain data.

On September 13, a Delaware Bankruptcy Court approved a program to liquidate $3.4 cardinal worthy of crypto assets that FTX and Alameda Research held. The announcement sparked fears that liquidating specified a ample magnitude of crypto whitethorn origin a slump successful the market. However, experts person argued that the gradual, phased quality of the liquidation should bounds its power connected the market.