Crypto wallets associated with FTX and Alameda Research recently sent over $10 million in cryptocurrency to Wintermute, a global firm specializing in cryptocurrency trading algorithms. These transactions were noticed by Web3 data analysis from LookOnChain on Tuesday.
Over $10.49 million was transferred, including 2,904 ETH worth $5.18 million, 1,341 MKR worth $2.02 million, 198,000 LINK worth $2.26 million and 12,000 AAVE worth $1.03 million. These funds were sent to Wintermute’s deposit addresses on Binance and Coinbase.
FTX and Wintermute have not commented on these transactions.
Wintermute joined the FTX creditors’ committee last year. In early November, when FTX faced financial difficulties, the crypto industry welcomed turmoil. When FTX halted withdrawals, a few crypto businesses and big traders still had assets on the exchange.
On September 13, a Delaware Bankruptcy Court approved a plan to sell off $3.4 billion in crypto assets held by FTX and Alameda. This news raised concerns about a potential market downturn due to the large-scale liquidation. Nevertheless, experts maintained that the planned gradual and staged liquidation should mitigate its impact on the market.
After FTX’s decline in November, Wintermute began reducing its involvement with the troubled crypto company. Wintermute emphasized that it still had funds on FTX.
“We find the recent events around Alameda and FTX disappointing and unfortunate for the industry. Wintermute is committed to doing everything in our power to help the industry recover and come out stronger,” Wintermute said.
“As always, we are here providing liquidity to the markets, rain or shine. We continue our 24/7 trading activities across exchanges and OTC.”
Wintermute stressed that its exposure to any trading venue does not present a significant threat to its financial stability, obligations or day-to-day operations. However, it acknowledged that it had reduced its exposure to address the heightened risk associated with FTX.
“In line with our strict risk controls, our exposure to any trading venue is limited and does not pose a major risk to our overall financial strength, obligations, or normal operations,” it said.
“We do have remaining funds on FTX, and while this is not ideal, the amount is within our risk tolerances and does not have a significant impact on our overall financial position.”
During a conference call involving Former FTX CEO Sam Bankman-Fried’s lawyers, prosecutors and Judge Lewis Kaplan, attorney Mark Cohen explained that after the prosecution concludes its case, their team intends to call three witnesses, including Bankman-Fried himself, to testify.
The other witnesses are Bahamian attorney Joseph Pimbley from litigation consulting firm PF2 Securities and an individual who will provide insights into the roles of former FTX employees.
Judge Kaplan estimated that the overall defense case, excluding Bankman-Fried’s testimony, might take approximately an hour.
The testimony of Bankman-Fried will come after statements from former FTX and Alameda executives like Caroline Ellison, Gary Wang and Nishad Singh, who have admitted to committing fraud.
It is uncertain what new information Bankman-Fried could offer to challenge the story presented by earlier witnesses. The trial has been on a break since October 19 and is slated to resume on October 26.
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