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Cryptogambling / FTX, Alameda transfer $22M worth of crypto asset

FTX, Alameda transfer $22M worth of crypto asset

Publish Date: 04/12/2023
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Blockchain analysis company Lookonchain has revealed that FTX and Alameda Research were involved in a recent significant movement of digital assets totaling $22 million. The transferred cryptocurrencies included $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS and $WOO.

β€œToday #FTX/#Alameda transferred ~$22M assets again, including: 6.26M $IMX($9.12M) 20M $GMT($5.29M) 1,643 $ETH($3.43M) 441,425 UNI($2.69M) 77.77B $SHIB($652K) 102,651 $BAL($389K) 2.24M $LOOKS($261K) 801,893 $WOO($179K),” said Lookonchain in a social media post.

After declaring bankruptcy, FTX and Alameda Research have been actively involved in cryptocurrency trading, moving substantial amounts of various digital assets to well-known exchanges. Since October 2023, the companies have orchestrated transactions totaling $551 million, covering 59 different tokens.

In their latest transaction, $10.8 million was moved across platforms like Wintermute, Binance and Coinbase. This included $2.58 million in StepN’s token, along with smaller amounts of Arbitrum’s ARB and Optimism’s OP tokens.

On October 24, FTX and Alameda wallets moved $10 million to one wallet, later distributing it to Binance and Coinbase accounts. Then, on November 14, a notable event occurred when $24 million in cryptocurrency assets shifted between Kraken and OKX exchanges. Following a U.S. court-approved plan, they can now sell digital assets, initially up to $100 million, potentially increasing to $200 million, subject to approval by a special committee.

In March, FTX and Alameda initiated the asset recovery process for investors. During that period, three wallets linked to FTX and Alameda Research transferred stablecoins worth $145 million to different platforms like Coinbase, Binance and Kraken.

Among these, $69.64 million in Tether (USDT) was transferred to custodial wallets on crypto exchanges, while the remaining $75.94 million in USD Coin (USDC) was moved to a Coinbase custodial wallet.

FTX faces a tough situation despite recovering over $5 billion in assets and dealing with liabilities exceeding $8.8 billion. The seriousness of this financial pressure is clear as FTX and Alameda handle ongoing liquidations, making significant efforts to manage large debts while trying to offer some relief to creditors.

At that point, FTX and Alameda had retrieved more than $5 billion in cash and liquid cryptocurrencies, yet their total debts surpassed $8.8 billion.

FTX approved to liquidate $873M in assets

As per a filing in a Delaware bankruptcy court on November 29, FTX has been approved to liquidate approximately $873 million in trust assets.

FTX will use $873 million in assets sourced from its stakes in trusts issued by crypto asset manager Grayscale Investments, valued at $807 million, and custody service provider Bitwise, valued at $66 million.

The court document mentions $744 million in assets, which was the valuation as of October 25, 2023. However, the value of these assets has risen since then.

The approval arrived almost four weeks after FTX debtors submitted a request to Judge John Dorsey on November 3, asking for permission to sell six cryptocurrency trusts.

FTX administrators, led by John J. Ray III, have been striving to retrieve assets following the collapse of Sam Bankman-Fried’s previous empire in November 2022.

So far, around $7 billion in assets has been recovered, with nearly half coming from cryptocurrencies ($3.4 billion).

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