FTX and Alameda linked wallets transfer $10M of crypto to exchanges in just 5 hours

Wallets linked to bankrupt crypto corporations Alameda Analysis and FTX transferred over $10 million value of cryptocurrency to change deposit accounts in 5 hours on October 24-25, based on information from blockchain analytics platform Spot On Chain. The motion of those funds could point out that the corporations plan to promote some belongings to pay again collectors.

#FTX and #Alameda associated addresses are depositing tokens to exchanges!

By way of handle 0xde9, #FTX 0x97f and #Alameda 0xf02 have transferred

2,904 $ETH ($5.21M)
1,341 $MKR ($2.01M)
11,975 $AAVE ($1.02M)
198,807 $LINK ($2.27M)

to #Binance and #Coinbase prior to now 5 hours.… pic.twitter.com/MQxCySp8g0

— Spot On Chain (@spotonchain) October 25, 2023

Based on Spot on Chain information, an handle listed as “doubtless” belonging to FTX transferred 2,904 Ether (ETH), value over $5 million on the time, to handle 0xde9a61c2b776e2f4c6ddb0c9ad5ccfcfc15b0a9b at 8:18 pm UTC on October 24. This handle despatched $3.four million of the funds to a Binance deposit handle and $1.Eight million to a Coinbase deposit handle. Thirty-nine minutes later, a pockets recognized as belonging to Alameda Analysis despatched $95 value of tokens to this handle, together with some Chainlink (LINK), MakerDAO (MKR), and Aave (AAVE) tokens.

Associated: FTX’s Sam Bankman-Fried will testify at felony trial, say protection legal professionals

Over the following 5 hours, a further $5 million value of cryptocurrency was despatched into this handle by FTX and Alameda wallets, together with some Compound (COMP) and Render (RNDR) tokens. At roughly 2:00 am UTC on October 25, this handle despatched roughly $2 million value of LINK, $2 million value of MKR, and $1 million value of AAVE to a Binance deposit handle. The entire worth of cryptocurrency despatched to change deposit addresses throughout this era was $10,362,403, based on Spot on Chain information.

On September 13, a Delaware Chapter Court docket permitted a plan to liquidate $3.four billion value of crypto belongings that FTX and Alameda Analysis held. The announcement sparked fears that liquidating such a lot of crypto could trigger a hunch out there. Nonetheless, consultants have argued that the gradual, phased nature of the liquidation ought to restrict its affect available on the market.