FTX and Alameda Research Wallets Move $13.6 Million in Cryptocurrency Assets to Multiple Exchanges
In a surprising turn of events, cryptocurrency wallet addresses linked to FTX and Alameda Research have transferred a total of $13.6 million in digital assets to various different exchanges on November 1st. The move has raised eyebrows in the cryptocurrency community, sparking speculation about the motives behind these substantial transfers.
The initial transfer saw the FTX wallet dispatch $8.12 million to the well-known exchange, Coinbase. This transfer included a variety of assets, such as 46.5 million GRT (worth $4.85 million), 972,073 RNDR ($2.3 million), and 708.1 MKR ($967,000).
🚨🚨 #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
Three hours later, the FTX and Alameda Research wallet addresses made an additional transfer of $5.49 million to Binance and Coinbase. The top three assets transferred in this round included 1.14 million DYDX ($2.64 million), 192,888 AXS ($1.05 million), and 5,858 AAVE ($522,000).
This recent series of transfers isn’t isolated; it appears to be part of an ongoing pattern. On October 31st, the investment fund moved $19.5 million in assets, including GRT, MKR, and RNDR, to Coinbase. A few days prior to that, FTX also sent around $8.6 million in cryptocurrency assets to the same exchange. Spot On Chain estimates that FTX and Alameda have allocated a total of $83.6 million across 26 different tokens on various exchanges.
The motivation behind these substantial money transfers remains a matter of speculation. It is possible that FTX and Alameda are preparing to sell or are already in the process of liquidating some of their holdings. Starting in September, a court ruling allowed FTX to sell, stake, and take precautionary measures to manage the risks associated with their assets. At that time, FTX was believed to be in control of approximately $3.4 billion.
Following the court’s approval, FTX Estate initiated the sale of cryptocurrency assets with an initial cap of $50 million per week. Additionally, the exchange staked over 5.5 million SOL ($122 million).
Regarding the impact of FTX’s asset sales, Coinbase does not anticipate a significant market disruption. The exchange currently maintains a weekly liquidation limit of $100 million. If changes occur, FTX’s maximum liquidation capacity could reach $200 million per week.
Read more:
- Robert Kiyosaki Sounds Off On FTX Founder Sam Bankman-Fried
- FTX Have Moved Up To $156 Million Worth Of Digital Assets, Including ETH And SOL