Defunct trading firms FTX and Alameda Research have cashed out $10.8 million worth of cryptocurrencies, distributing them across leading exchanges such as Binance, Coinbase, and Wintermute. This article goes into the details of the transfer, explores the involved tokens, and sheds light on the ongoing asset recovery process by these entities.

Read More: The Crypto King’s Fall: Sam Bankman-Fried’s Guilty Verdict

FTX and Alameda Research’s Crypto Transfer

Blockchain analysis firm Spot On Chain has uncovered a noteworthy development: wallets associated with defunct crypto trading firms FTX and Alameda Research have moved $10.8 million worth of cryptocurrencies to accounts across Binance, Coinbase, and Wintermute. This transfer marks another chapter in the ongoing saga of asset reallocation.

hodl-post-image

Breakdown of Token Distribution

The $10.8 million transfer was divided among eight tokens, namely Stepn (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB), and Optimism (OP). Each token received a specific allocation, with Stepn (GMT) receiving $2.58 million, Uniswap (UNI) obtaining $2.41 million, Synapse (SYN) securing $2.25 million, and so forth.

Previous Transfers and Recovery Efforts

This recent transfer follows previous movements initiated by FTX and Alameda Research. Since October 24, these entities have reportedly transferred a staggering $551 million using 59 different cryptocurrencies. Notably, in March 2023, the asset recovery process commenced, whereby FTX and Alameda wallets moved $145 million worth of stablecoins to platforms like Coinbase, Binance, and Kraken.

hodl-post-image
Source: CoinTelegraph

Insight into Asset Recovery and Liabilities

During the recovery process, $69.64 million in Tether (USDT) was moved to custodial wallets on crypto exchanges, while the remaining $75.94 million in USD Coin (USDC) was transferred to a Coinbase custodial wallet. Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX’s total liabilities still exceeded $8.8 billion, underscoring the complexities surrounding the defunct exchange.

hodl-post-image

Conclusion

The cash-out of $10.8 million by FTX and Alameda Research to Binance, Coinbase, and Wintermute raises not only eyebrows, but also lots of questions and suspicion in the crypto community.

Read More on FTX and Alameda Research:

With a breakdown of the tokens involved and insights into previous asset recovery efforts, this transfer highlights the ever-evolving nature of the crypto space. As the industry continues to mature, such maneuvers and their implications will undoubtedly shape its future trajectory.

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.