According to recent data portrayed by Lookonchain, one of the world’s leading data analytics platforms, FTX and Alameda Research have recently transferred assets worth a whopping $27.2 million as of today, October 31.
Among these assets, RNDR accounted for $17.93 million, SOL for $4.7 million, ETH for $2 million, and MKR for $1.18 million. Additionally, various other crypto assets like REN worth $1.12 million and GRT worth $0.27 million were transferred to Coinbase.
As of writing, FTx and Alameda Research have transferred over $106 million in crypto assets till today. The transfers may appear insignificant in light of the substantial holdings of these crypto trading firms. According to Spot On Chain data, FTX and Alameda Research continue to maintain $736 million in EVM (Ethereum Virtual Machine) assets, even after consistently depositing significant amounts into various exchanges in recent days.
A Closer Look Into The Report
In recent days, a sequence of transactions occurred involving multiple addresses associated with FTX and Alameda. According to reports, these transactions began on October 25, with various addresses, including 0xde9, FTX 0x97f, and Alameda 0xf02, transferring funds to centralized exchanges like Binance and Coinbase.
Subsequently, both entities made constant transfers from October 25 till today, as data reveals.
Earlier this month, FTX and Alameda transferred 21,967 COMP worth $1.01 million, along with 974,270 RNDR, equivalent to $2.04 million, to Binance via Wintermute, a leading global algorithmic digital asset trading firm. Following that, the companies moved an additional $6.5 million in assets, including UNI, DYDY, SUSHI, and LDO, to two intermediary addresses to promptly send them to exchanges.
Also Read: Spain Speeds Up MiCA Adoption For Crypto Regulatory Clarity
FTX and Alameda Aim to Restitute Customers
The firm’s recent reshuffling of cryptocurrency funds reflects its current intention to liquidate certain digital assets as part of a strategy to settle outstanding debts with creditors.
During 2022, Alameda covertly tapped into customer funds within FTX to repay all outstanding loans due by the summer of that year, all while avoiding suspicion. As of November 2022, Alameda’s debt escalated and reached a staggering $10 billion as a result of its approach to repay creditors using FTX customer assets.
Also Read: Valkyrie Updates Spot Bitcoin ETF Prospectus With US SEC
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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