Wallets linked to defunct cryptocurrency trading firms FTX and Alameda Research moved $10.8 million into accounts at Binance, Coinbase and Wintermute using eight cryptocurrencies.
Blockchain analysis firm Spot On Chain found that $10.8 million in cryptocurrency was moving from FTX and Alameda Research accounts to various crypto exchanges. The firm estimated that the defunct entities transferred $551 million since October 24 using 59 different cryptocurrency tokens.
#FTX and #mall moved 8 assets worth $10.8 million to #Wintermute, #Binanceand #Coinbase in the last 11 hours:
10M $GMT ($2.58 million)
407K $uni ($2.41 million)
5.23 million $NO ($2.25 million)
8.76 million $KLAY ($1.64 million)
3.87 million $FTM ($1.18 million)
77.77B $SHIB ($644K)
and small amounts of $ARB and $OP.Noteโฆ https://t.co/UZkn8bmQ89 pic.twitter.com/0jb5ZMHvC7
- Spot on chain (@spotonchain) December 1, 2023
The latest transfer of $10.8 million was spread across eight tokens: $2.58 million in StepN (GMT), $2.41 million on Uniswap (UNI), $2.25 million in Synapse (SYN), $1.64 million in Clayton (CLAY), $1.18 million in Phantom (ftm), $644,000 in Shiba Inu (SHIB) and small amounts of Arbitrum (ARB) and Optimism (OP).
On October 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was then redistributed to Binance and Coinbase accounts. On November 1, a similar transaction occurred between the parties involving $13.1 million will move to Binance and Coinbase accounts.
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The movement of the funds dates back to March 2023, when FTX and Alameda began the process of recovering assets for investors. At the time, three wallets associated with FTX and Alameda Research moved $145 million in stablecoins to several platforms including Coinbase, Binance and Kraken.
Of the lot, 69.64 million Tether dollars (USDT) was moved to custody wallets on crypto exchanges, while the remaining $75.94 million in coins (USDC) was transferred to a Coinbase escrow wallet.
While the troubled cryptocurrency exchange had recovered more than $5 billion in cash and liquid cryptocurrencies at the time, its total liabilities exceeded $8.8 billion.
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