FTX and Alameda transferred another $22M worth of crypto assets
Blockchain analysis firm Lookonchain reports that cryptocurrency powerhouses FTX and Alameda Research are actively engaged in the circulation of a staggering $22 million worth of digital assets. The diverse cryptocurrency mix includes $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS and $WOO.
Following their bankruptcy filing, FTX and Alameda Research actively moved into cryptocurrency, another embrace of digital assets, transferring large volumes to popular exchanges. Since October 2023, the company has organized impressive transactions, reaching a total value of $551 million in 59 different tokens.
In their latest move, $10.8 million was transferred across platforms like Wintermutt, Binance, and Coinbase. The latest transfer of $10.8 million was spread across eight tokens: $2.58 million in StepN's GMT, $2.41 million in Uniswap's UNI, $2.25 million in Synapse's SYN, $1.64 million in Klaytn's KLAY, $1.18 million in Fantom's FTM, $00'nu in Shisba's $64 million. Arbitrum's ARB and Optimism's OP.
On October 24, FTX and Alameda wallets transferred $10 million to a wallet address, which was later distributed to Binance and Coinbase accounts. In the year On November 14, 2023, $24 million worth of cryptocurrency assets were seen on the Kraken and OKX exchanges. Under the US court-approved plan, they can now sell up to $100 million worth of digital assets, which could rise to $200 million, pending special committee approval.
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The opening sounds of this financial mix were heard in March 2023, transferring $145 million in stablecoins to platforms including Coinbase, Binance and Kraken.
FTX faces the challenge of being saddled with more than $8.8 billion in debt even after returning more than $5 billion in assets. The severity of this financial strain will become apparent as FTX and Alameda move on to continued liquidity, demonstrating efforts to resolve significant debt while providing some relief to creditors.
The outcome of this liquidation saga is still unknown as the cryptocurrency community eagerly awaits the conclusion of this financial meltdown.
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