- John J. Ray III has been trying to recoup assets since the collapse in 2022.
- The sale’s earnings will also go toward paying off creditors hit hard by the collapse.
According to blockchain research company Lookonchain, $22 million worth of digital assets have been transferred by defunct crypto exchange FTX and its subsidiary Alameda Research.
After filing for bankruptcy, the new team of FTX and Alameda Research wasted no time and sent large sums to major exchanges. The business has facilitated extraordinary transactions totalling $551 million across 59 different tokens since October 2023.
The most recent transaction included the transfer of $10.8 million on December 1 and took place on platforms including Binance, Coinbase, and Wintermute.
Recouping Assets
With the help of a U.S. court-approved plan, they are now able to sell digital assets, with a cap of $100 million at first and a cap of $200 million possible with the permission of a special committee. A sophisticated transfer of $145 million in stablecoins to platforms like Kraken, Binance, and Coinbase was orchestrated in March 2023, marking the beginning of this financial arrangement.
Since the collapse in November 2022, FTX’s head of administration John J. Ray III has been trying to recoup assets. The sale’s earnings will also go toward paying off creditors hit hard by the exchange’s bankruptcy in 2022.
Capital began to flow in March, when the FTX and Alameda Research began the process of reclaiming investor assets. The Delaware bankruptcy court permitted the liquidation of trust assets held by the now-defunct cryptocurrency exchange FTX on November 29, with a valuation of around $873 million.
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