FTX & Alameda Transfer $38 Million in Crypto To Exchanges, Here’s Why

FTX & Alameda Transfer $38 Million in Crypto To Exchanges, Here’s Why

Spot On Chain, one of the world’s leading blockchain data analytics platforms, recently revealed data showcasing whopping transfers done by FTX and Alameda Research to cryptocurrency exchanges.

As per the data, both entities transferred over $38 million worth of digital assets to various exchanges as of today, November 8. The tokens transferred included SOL, ENS, GMT, LDO, APE, BADGER, and BNT.

The aforementioned transfers have caught the eyes of many crypto enthusiasts as it could be a possible move taken by the firms to alleviate their reimbursement hinderances.

A Closer Look Into The Report

According to the data provided by Spot On Chain, FTX and Alameda transferred funds in seven different digital assets, with a total worth of $38.5 million. Among these assets, SOL accounted for $31.2 million, ENS for $2.76 million, GMT for $2.22 million, LDO for $1.26 million, APE for $410K, BADGER for $365K, and BNT for $323K.

As of writing, to date, FTX and Alameda have transferred a whopping $350 million worth of digital assets, in the form of 36 different cryptocurrencies, to various crypto exchanges. Among these tokens, SOL stood out as the token with the highest USD value, amounting to $211 million.

Moreover, as reported by Coingape media, in recent days, a series of transactions took place where FTX and Alameda continuously transferred funds in the form of cryptocurrencies to exchanges like Binance and Coinbase.

Further study into Spot On Chain’s report for FTX and Alameda Research transfers reveals that presently, the FTX’s linked address has crypto holdings worth $463.452 million, whereas, the Alameda linked address has crypto holdings worth $248.406 million.

Also read: SEBA Bank Receives Digital Asset License From Hong Kong’s SFC

Why are FTX and Alameda Transferring Whopping Funds?

FTX and Alameda Research have created quite a buzz in the crypto realm recently as both entities have been making constant whopping cryptocurrency transfers to exchanges.

The aforementioned transfers seem to come in alignment with the entities’ current objective to liquidate certain digital assets as a part of their strategy to reimburse outstanding settlements to their creditors.

As of 2022, Alameda secretly tapped into customer funds within FTX to pay off loans due by the summer of that year. Subsequently, Alameda’s debt jumped and reached a staggering $10 billion, as a result of its misguided approach.

Also read: Robinhood CEO Bullish On Bitcoin ETF Amid European Expansion Plans

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