The now-defunct crypto exchange FTX and its sister trading firm, Alameda Research, have recently transferred more than $13 million worth of altcoins to various crypto exchanges. This information was revealed by on-chain analysis firm Spotonchain and sheds light on the movement of funds from wallets associated with FTX and Alameda Research.
On November 1, the FTX wallet initiated a transfer of $8.12 million worth of altcoins to Coinbase. This transfer included assets such as 46.5 million of The Graph’s GRT ($4.85 million), 972,073 Render (RNDR) ($2.3 million), and 708.1 Maker (MKR) ($967,000). A few hours later, the wallet addresses of FTX and Alameda Research made another transfer of $5.49 million to Binance and Coinbase. This transaction included assets like 1.14 million dYdX (DYDX) ($2.64 million), 192,888 Axie Infinity (AXS) ($1.05 million), and 5,858 Aave (AAVE) ($522,000).
Prior to this movement of $13.1 million on November 1, crypto analytics firm Nansen had already flagged several wallet movements linked to FTX over the past week. In total, Nansen estimated that around $24.3 million worth of assets from wallets associated with FTX and Alameda were deposited into Binance and Coinbase. This indicates significant activity and movement of funds from these wallets.
Additionally, on October 31, FTX transferred 1.6 million Solana’s SOL tokens worth $56 million from an unstaked state to an unknown wallet. Another 930,000 SOL worth $32 million, also linked to FTX and Alameda, were moved to another unknown wallet speculated to be connected to Galaxy Digital, the designated firm for the liquidation process.
The data collected by Spotonchain suggests that a total of $78 million worth of assets have been sent to crypto exchanges from FTX and Alameda wallets over the past week. This highlights the continuous movement of altcoins from these wallets, even after a court-ordered phased liquidation process.
Under the court order, FTX is allowed to sell digital assets worth over $3 billion through an investment adviser in weekly batches, following a pre-established rule. The phased liquidation process enables FTX to sell $50 million worth of assets weekly, with a cap of $100 million in the following weeks. This cap can be increased up to $200 million per week with approval from the creditors’ committee and ad hoc committee, following court approval.
In summary, the wallets linked to FTX and Alameda Research have been actively transferring millions of dollars worth of altcoins to different crypto exchanges in recent weeks. This movement of funds is part of the court-ordered phased liquidation process that allows FTX to sell its digital assets in batches through an investment adviser.