FTX and Alameda Research Sent $13M in Crypto Assets to Exchanges

FTX and Alameda Research Sent $13M in Crypto Assets to Exchanges

News, Altcoin news

In a significant financial move, the beleaguered crypto exchange FTX and its affiliate company Alameda wallets have made substantial deposits, totaling more than $13 million, into various crypto exchanges. This development, reported by Onchain analyst Spotonchain, reveals a series of transactions involving FTX and Alameda Research. These crypto wallets, linked to FTX exchange and Alameda Research, initiated transfers of assets to leading exchanges, Binance and Coinbase, on November 1.

The transactions included assets denoted in ERC-20 tokens, such as GRT, RNDR, MKR, AAVE, ALICE, AXS, DYDX, ZRX, and C98. These assets were sent in two batches, amounting to $8.12 million and $5.49 million respectively, emphasizing the significant scale of the movement of funds.

This financial maneuver comes in the wake of a court order that allowed the gradual liquidation of assets belonging to FTX and Alameda Research. The court’s decision, made on September 13, permitted FTX to sell its assets, valued at $3.2 billion, through an investment advisor. The approval was granted with specific limitations, imposing a weekly cap of $50 million, which gradually increases over time.

According to Spotonchain’s analysis, FTX has made a series of deposits, totaling approximately $83.6 million, since the court’s approval for liquidation. This underscores the proactive approach taken by the companies involved, as they navigate the intricate landscape of asset management amid legal proceedings.

The movement of these substantial funds raises questions and intrigues market observers, prompting discussions about the potential implications for the crypto market. As the situation continues to unfold, industry experts and enthusiasts keenly watch for further developments, analyzing the impact of these strategic financial moves on the broader cryptocurrency ecosystem.

Stay tuned for more updates as this financial saga unfolds, shaping the narrative of FTX and Alameda Research’s ongoing journey in the dynamic world of cryptocurrencies and blockchain technology.

Alameda, Binance, Coinbase, DYDX, FTX