FTX and Alameda connected wallets transfer $10M crypto to the exchange in 5 hours
Wallets linked to crypto firms Alameda Research and FTX transferred more than $10 million worth of cryptocurrency to exchange accounts within five hours on October 24-25. The movement of these funds may indicate that the companies plan to sell some assets to repay creditors.
#FTX and #Alameda matching addresses are submitting tokens to the exchange!
Forwarded at address 0xde9, #FTX 0x97f and #Alameda 0xf02.
2,904 $ETH ($5.21M) 1,341$MKR ($2.01M) 11,975$AAVE ($1.02M) 198,807$LINK(2.27M)
To #Binance and #Coinbase in the last 5 hours.… pic.twitter.com/MQxCySp8g0
— Spot On Chain (@spotonchain) October 25, 2023
According to Spot On Chain data, an address listed as “probably” owned by FTX transferred 2,904 Ether (ETH), worth more than $5 million at the time, to 0xde9a61c2b776e2f4c6ddb0c9ad5ccfcfc15b0a9b at 8:18 p.m. Oct. 34 million. of the funds to a Binance deposit address and $1.8 million to a Coinbase deposit address. Thirty-nine minutes later, a wallet identified as belonging to Alameda Research sent $95 worth of tokens to this address, including some Chainlink (LINK), MakerDAO (MKR) and Aave (AAVE) tokens.
Related: FTX's Sam Bankman-Fried will testify at trial, defense attorneys say
Over the next five hours, an additional $5 million worth of cryptocurrency, including some Compound (COMP) and Render (RNDR) tokens, was sent to this address via FTX and Alameda wallets. On October 25th at 2:00 AM UTC, this address sent approximately $2 million worth of LINK, $2 million worth of MKR, and $1 million worth of AAVE to the Binance deposit address. Spot on Chain data shows that the total value of cryptocurrency sent to exchange deposit addresses during this period was $10,362,403.
On September 13, a Delaware bankruptcy court approved a plan to liquidate $3.4 billion worth of crypto assets held by FTX and Alameda Research. The announcement has raised concerns that such a large amount of crypto liquidation could cause a market crash. But experts argued that the liquidation process should be gradual and phased to limit its impact on the market.
