FTX and Alameda Transferred Millions in Ether and Chainlink: What's Behind the Move?

Millions of dollars in various cryptocurrencies linked to the digital wallets of financially troubled firms FTX and Alameda Research were transferred to different wallets earlier today, according to a tweet from blockchain analytics firm Nansen.

The destination for these funds appears to be the cryptocurrency exchange Binance, where it is presumed that they may be converted into fiat currencies.

Specifically, Nansen reported that approximately $2.2 million worth of Chainlink's LINK, $1 million worth of Aave protocol's AAVE, $2 million in Maker's MKR, and $3.4 million in Ether (ETH) were transferred to a Binance address.

FTX and Alameda funds are on the move! ????

- 2.2M USD LINK
- 1M USD AAVE
- 2M USD MKR
- 3.4M USD ETH

These funds moved to 0xde9 then 0xaee which is a Binance address

We don't track offchain movements, but presumably, this is to either sell or to prepare to sell these funds pic.twitter.com/n6jfyghDmk

— Nansen ???? (@nansen_ai) October 25, 2023

FTX faced a major financial crisis last November following the publication of investigative reports by Bitsday regarding the state of its financial statements. The current CEO, John J. Ray III, has openly criticized the company's financial controls, while the founder, Sam Bankman-Fried, is currently facing criminal charges in an ongoing legal trial.

The bankruptcy proceedings are currently managed by a group representing the creditors and overseeing the assets held by both FTX and Alameda Research before their financial collapse.

In recent events from October, the creditors' group staked over $150 million in Ether (ETH) and Solana's SOL tokens, with the potential to earn yields of up to 8% on these holdings.

Read more: Bitcoin's Soaring Surge and Market Buzz