According to blockchain research firm Lookonchain, the defunct crypto exchange FTX and its subsidiary Alameda Research transferred a substantial sum of $22 million in digital assets.
Operating in the aftermath of bankruptcy, the restructured teams at FTX and Alameda Research moved quickly to initiate large-scale transfers to major exchanges.
The entities have orchestrated remarkable transactions totaling $551 million across 59 different tokens since October 2023.
The most recent transaction, which took place on December 1, involved the transfer of $10.8 million and was carried out on well-known platforms like Binance, Coinbase, and Wintermute.
With the approval of a court-approved plan in the United States, FTX and Alameda Research are now authorized to sell digital assets.
The plan, which was initially capped at $100 million, allows for an extension of up to $200 million with the approval of a special committee.
The start of this financial arrangement was marked by a strategic transfer of $145 million in stablecoins to platforms such as Kraken, Binance, and Coinbase in March 2023.
Since the company’s demise in November 2022, FTX’s head of administration, John J. Ray III, has been working hard to recoup assets.
The proceeds of these sales are intended to relieve the financial burden on creditors who were adversely affected by the exchange’s bankruptcy in 2022.
The capital flow began in March when FTX and Alameda Research began reclaiming investor assets. On November 29, the Delaware bankruptcy court approved the liquidation of trust assets held by the now-defunct crypto exchange FTX, with an estimated valuation of $873 million.
