Crypto wallets associated with the now-defunct FTX exchange and its sister company, Alameda Research, have moved over $38.8 million in digital assets to multiple cryptocurrency exchanges since January 2024.
Blockchain analytics firm PeckShield’s data reveals that wallets linked to both FTX and Alameda transferred at least $7 million in February to various exchanges. On February 4, these addresses moved $2.6 million in Ether (ETH) to Coinbase and approximately $1.1 million in Ton (TON) and Fantom (FTM) to FalconX and Wintermute. On February 6, these wallets sent at least $3.3 million in various assets to Coinbase, Coinbase Prime, FalconX, and Binance.
In January, wallets connected to FTX and Alameda moved at least $35 million to exchanges. On January 4, these wallets transferred $4.1 million in Cronos (CRO) to Coinbase. They followed this with another $2.4 million ETH transfer to Coinbase and a transfer of 200 Wrapped BTC (WBTC) valued at $9 million to Binance on January 9.
Later in January, FTX and Alameda moved an additional $16.3 million to various exchanges. On January 17, addresses linked to the organizations sent $8.9 million in Tether Gold (XAUT) to Coinbase and $2.6 million in ETH to Wintermute. On January 30, they transferred $2.3 million in ETH to Coinbase, $1.3 million in various altcoins to Binance, and made a $1.28 million transfer to GSR Markets.
These transfers occurred amid FTX exchange’s ongoing restructuring efforts and its commitment to fully repay its customers. In a U.S. court hearing on January 31, the exchange stated that its restructuring plans did not involve relaunching the exchange but were focused on ensuring full repayment to customers. However, it was clarified that repaying customers was an objective, not a guarantee, as stated by FTX attorney Andy Dietderich.
Following the hearing, criticism emerged regarding the restructuring plan, with concerns about the legal team’s profits from the process. On February 4, former United States Securities and Exchange Commission official John Reed Stark described the plan as a “highway robbery of highway robbers.” The plan has faced scrutiny and skepticism within the crypto community.
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