- Nearly $23.59 million was distributed across 19 different tokens via the FTX-affiliated wallets.
- The transactions also included a variety of assets worth $6.07 million.
Cryptocurrencies valued at $23.59 million were transferred to leading crypto exchanges from wallets associated with the now-defunct FTX and Alameda Research over the course of four days.
According to blockchain analytics company Spot On Chain, the insolvent organizations have moved $591 million in 59 different tokens since October 24. Nearly $23.59 million was distributed across 19 different tokens via the FTX-affiliated wallets.
The transactions also included a variety of assets worth $6.07 million. Assets were transferred from FTX wallets to major exchanges including Binance, Coinbase, OKX, and Galaxy Digital OTC.
Capitalizing on the Recent Market Surge
The FTX and Alameda wallets sent $10 million to a single address on October 24th; Binance and Coinbase received the funds thereafter. The parties engaged in a comparable exchange on November 1st, transferring $13.1 million to each of their respective Binance and Coinbase accounts.
When FTX and Alameda started recovering assets for investors in March, the monies started moving. During that period, three wallets linked to FTX and Alameda Research sent stablecoins valued at $145 million to many prominent platforms.
An amount of $69.64 million in USDT was transferred to custodial wallets on cryptocurrency exchanges, while $75.94 million in USDC was sent to a custodial wallet on Coinbase. Despite the fact that the struggling cryptocurrency exchange has recouped over $5 billion in liquid assets, another $3.8 billion in debts are still unpaid.
On November 29, the sale of trust assets owned by FTX, valued at around $873 million, was authorized by the bankruptcy court in Delaware. Moreover, the sale might be capitalizing on the recent market surge in order to maximize earnings from the proceedings.
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