FTX and Alameda Wallets Facilitate Over $78 Million Crypto Transfers

Amidst Bankruptcy Proceedings, FTX and Alameda Witness Massive Crypto Transfers

In a significant development, a substantial sum of over $78 million in cryptocurrency tokens has been shifted out of the official wallets associated with FTX and its affiliate company, Alameda. This strategic maneuver comes in compliance with a court-ordered bankruptcy procedure and forms a crucial part of a larger effort to safeguard value and streamline token assets as the exchange grapples with the complexities of ongoing bankruptcy proceedings.

Recent data from Spotonchain reveals that upwards of $13 million worth of cryptocurrency tokens, including notable ones like DYDX, AAVE, and Axie Infinity's AXS, have been transferred from wallets linked to FTX and Alameda to major exchange platforms, namely Binance and Coinbase. This flurry of activity transpired since the stroke of midnight UTC, marking a significant shift in digital asset holdings.

???????? #FTX and #Alameda Research further deposited $5.49M worth of 6 assets $AAVE, $ALICE $AXS, #C98, $DYDX, $ZRX, to #Binance and #Coinbase ~30 mins ago.

Top 3 include:
1.14M $DYDX ($2.64M)
192,888 $AXS ($1.05M)
5,858 $AAVE ($522K)

Overall, #FTX and #Alameda Research have… https://t.co/Rw0PnalH6G pic.twitter.com/JPbIXZJPzv

— Spot On Chain (@spotonchain) November 1, 2023

Furthermore, FTX's cold storage wallet has seen a considerable unstaking of 1.6 million Solana (SOL) tokens, amounting to an impressive $65 million. Of these, a staggering 1.2 million tokens were sent to exchanges over the course of the past week, as confirmed by data from Solana's block explorer.

These extensive transfers were executed in strict adherence to a court order issued back in September. This order granted the bankruptcy estate the necessary authorization to engage in transactions involving the sale, staking, and hedging of cryptocurrency assets, valued at an astounding $3.4 billion. Notably, just a week prior, approximately $19 million worth of Solana (SOL) and Ethereum (ETH) were relocated from wallets to various cryptocurrency exchanges.

Further investigation by Spotonchain, shared on the social media platform X (formerly known as Twitter) on October 31st, has revealed an additional $19.5 million in various tokens being deposited into Coinbase. Additionally, blockchain security firm Peckshield reported significant movements on the same day, explicitly identifying the wallets associated with either FTX or Alameda.

???????? #Alameda Research further deposited a total of $19.5M worth of 3 assets to #Coinbase just now:

7.17M $RNDR ($18.06M)
844.7 $MKR ($1.18M)
2.5M $GRT ($273K)

???? Entity: https://t.co/5I9TIZBObl https://t.co/vNy41AYooO pic.twitter.com/YphPxToIsO

— Spot On Chain (@spotonchain) October 31, 2023

#PeckShieldAlert #FTX / #Alameda-labeled addresses transferred ~10.5M $USDC and 21.7M $REN (worth ~$1.1M) to #Coinbase Prime on #Ethereum and transferred 131.93k $SOL (~$4.6M) to #Binance on #Solana
The wallet on #Solana currently holds ~$103M worth of cryptos pic.twitter.com/zfppWBC9gX

— PeckShieldAlert (@PeckShieldAlert) October 31, 2023

As FTX grapples with the intricacies of bankruptcy proceedings in Delaware, its founder, Sam Bankman-Fried, concurrently faces a criminal fraud trial in New York. The unfolding events surrounding FTX continue to capture significant attention within both the cryptocurrency community and the broader financial landscape, as stakeholders keenly observe the outcome of these critical developments.

Read More: Digital Sentinel: Fortifying Ethereum's Account Abstraction Landscape