Wallets associated with the now-defunct cryptocurrency trading firms FTX and Alameda Research have reportedly transferred $10.8 million to accounts on Binance, Coinbase, and Wintermute, utilizing eight different cryptocurrencies.
According to the blockchain analysis company Spot On Chain, these transfers are part of a larger movement of funds by FTX and Alameda Research. Since October 24, the entities have shifted approximately $551 million using 59 different cryptocurrency tokens. The most recent transaction involved moving $10.8 million across eight cryptocurrencies, including $2.58 million in StepN (GMT), $2.41 million in Uniswap (UNI), $2.25 million in Synapse (SYN), $1.64 million in Klaytn (KLAY), $1.18 million in Fantom (FTM), $644,000 in Shiba Inu (SHIB), and smaller amounts in Arbitrum (ARB) and Optimism (OP).
On October 24, wallets linked to FTX and Alameda transferred $10 million to a single wallet address, which subsequently redistributed the funds to accounts on Binance and Coinbase. A similar transaction took place on November 1, involving the movement of $13.1 million to Binance and Coinbase accounts.
These fund movements trace back to March 2023, marking the start of FTX and Alameda’s efforts to recover assets for their investors. During this period, three wallets connected to the firms moved $145 million in stablecoins to various platforms, including Coinbase, Binance, and Kraken.
Of this amount, $69.64 million in Tether (USDT) was moved to custodial wallets on cryptocurrency exchanges, while the remaining $75.94 million in USD Coin (USDC) was transferred to a Coinbase custodial wallet.
Despite these efforts, the financial situation of the troubled cryptocurrency exchange remained challenging. At that time, FTX had managed to recover over $5 billion in cash and liquid cryptocurrencies, yet its total liabilities surpassed $8.8 billion.
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