Over four days, $23.59 million in crypto was transferred from wallets associated with the now-defunct FTX and Alameda Research to major crypto exchanges.
The transactions, which were tracked by blockchain analytics firm Spot On Chain, revealed significant movements from insolvent organizations totaling $591 million in 59 different tokens since October 24.
FTX-affiliated wallets distributed nearly $23.59 million in 19 different tokens alone. These assets were distributed to prominent exchanges such as Binance, Coinbase, OKX, and Galaxy Digital OTC, demonstrating an active effort to manage and distribute assets during a volatile market period.
A total of $6.07 million in assets was transferred from FTX wallets to major exchanges in the transactions. Binance, Coinbase, OKX, and Galaxy Digital OTC were among the major recipients of these transfers.
The movements indicate that strategic decisions are being made to capitalize on the recent surge in the cryptocurrency market.
On October 24th, a total of $10 million was sent to a single address, with subsequent transfers to Binance and Coinbase.
On November 1st, a similar exchange occurred, involving a transfer of $13.1 million to the respective Binance and Coinbase accounts.
These timed transfers coincided with FTX and Alameda Research’s March recovery efforts, which aimed to recoup assets for investors.
During the recovery period, three wallets linked to FTX and Alameda Research transferred $145 million in stablecoins to various prominent platforms.
Notably, $69.64 million in USDT was transferred to crypto exchange custodial wallets, while $75.94 million in USDC was transferred to a Coinbase custodial wallet.
Despite the recovery of more than $5 billion in liquid assets by FTX, the struggle continues as $3.8 billion in debts remain unpaid.
The ongoing movements from the affiliated wallets highlight the difficulties in managing assets during the insolvency and recovery processes.
Emma Davis is a highly skilled and experienced crypto writer with a passion for all things blockchain and cryptocurrency. With years of experience writing about the latest trends, news, and innovations in the crypto world, Emma has established herself as one of the best crypto journalists.
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