FTX and Alameda Research are currently engaged in significant digital asset transfers, with figures reaching an impressive $22 million, as revealed by the blockchain analysis firm Lookonchain.
This operation, which commenced in October 2023, has involved the transfer of a cumulative total of $551 million across 59 different tokens. Among the diverse cryptocurrencies included in these transfers are $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO.
Both #FTX and #Celsius transferred $ETH again today.#FTX deposited 3,143 $ETH($7.2M) to #Coinbase 10 hrs ago.https://t.co/1qZ967Agee#Celsius transferred 7,500 $ETH($17.2M) to address"0xc450" 7 hrs ago and may deposit to exchanges.https://t.co/D3EybFlGUh pic.twitter.com/LAiIVTafAc
— Lookonchain (@lookonchain) December 6, 2023
Since declaring bankruptcy, FTX and Alameda Research have been actively executing maneuvers within the crypto space, transferring substantial sums of assets to other exchanges. This activity is part of a restructuring process by the companies, aiming to settle debts incurred with their clients after going bankrupt.
In the backdrop of this financial narrative lies a complex series of movements. Recently, a $10.8 million transfer occurred, involving eight different tokens such as StepN GMT, Uniswap UNI, Synapse SYN, Klaytn KLAY, Fantom FTM, Shiba Inu SHIB, along with small amounts of Arbitrum ARB and Optimism OP. This transfer took place across platforms like Wintermute, Binance, and Coinbase.
FTX and Alameda Continue Their Reconstruction and Debt Payments
These transfers are part of a broader strategy. In October 2023, FTX and Alameda wallets moved $10 million to a single wallet address, which was later distributed to Binance and Coinbase accounts. Later, on November 14, 2023, another significant transfer of $24 million in assets occurred, moving between the Kraken and OKX exchanges.
This series of movements is made possible by a plan approved by a U.S. court, allowing the sale of digital assets, initially up to $100 million, with the possibility of increasing this amount to $200 million, subject to the approval of a special committee.
Despite having recovered assets exceeding $5 billion, FTX faces an exceptionally complex financial situation, burdened by debts surpassing $8.8 billion. In an effort to address these payments and provide some relief to creditors, FTX and Alameda continue to carry out liquidations and financial maneuvers.
