FTX, Alameda Sell Partial Assets On Coinbase and Binance

A FTX-tagged wallet and an Alameda-tagged wallet have transferred a total of almost 10 million worth of cryptocurrencies to Binance and Coinbase within the past few hours.

The transferred assets underwent a two-step process, initially being moved to a holding wallet before eventually reaching the centralised exchanges.

The total value of this transfer includes 2,904 ETH ($5.21 million), 1,341 MKR ($2.01 million), 11,975 AAVE ($1.02 million), and 198,807 LINK ($2.27 million).

This follows FTX’s recent approval from a U.S. court in September allowing the liquidation of its cryptocurrency assets.

The move is intended to facilitate the repayment of customers in U.S. dollars while reducing the risks associated with the price volatility in the cryptocurrency markets.

FTX, in its court filing, has disclosed ownership of cryptocurrencies valued at $3.4 billion, with holdings in Solana at $1.16 billion, Bitcoin at $560 million, and Ethereum at $192 million.

FTX had filed for bankruptcy in November 2022, amid allegations of misappropriation and losses of billions of dollars in customers’ crypto deposits.

Since then, FTX has managed to recover more than $7 billion in assets, with ongoing legal actions against FTX insiders and other parties who received funds from FTX prior to its bankruptcy, aimed at securing further recoveries.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.

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