The post FTX and Alameda’s Ongoing Crypto Asset Liquidation : $22 Million Transferred appeared first on Coinpedia Fintech News
Lookonchain, a renowned blockchain analysis firm, recently reported that bankrupt cryptocurrency giants FTX and Alameda Research have once again transferred a substantial amount of crypto assets. The latest transaction involves approximately $22 million in various cryptocurrencies, including $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO.
The Lookonchain tweet detailed the assets moved in this transaction:
- 6.26M $IMX, valued at $9.12M
- 20M $GMT, worth $5.29M
- 1,643 $ETH, totaling $3.43M
- 441,425 UNI, equating to $2.69M
- 77.77B $SHIB, amounting to $652K
- 102,651 $BAL, valued at $389K
- 2.24M $LOOKS, worth $261K
- 801,893 $WOO, totaling $179K
This diverse range of cryptocurrencies highlights FTX and Alameda’s extensive holdings across the digital asset spectrum.
Ongoing Liquidation Since Bankruptcy
FTX and Alameda Research, since declaring bankruptcy, have been in the spotlight for transferring significant amounts of crypto assets to various major exchanges. Since October 2023, they have moved an astonishing $551 million, covering 59 different tokens. The latest transfer of $10.8 million worth of assets was directed to three major exchanges: Wintermute, Binance, and Coinbase.
Another notable instance was on November 14, 2023, when they transferred $24 million in crypto assets to Kraken and OKX exchanges. Moreover, a U.S. court-approved plan allows them to sell digital assets up to $100 million weekly, which can increase to $200 million with special committee approval.
Origins and Impact of the Funds Movement
The asset movement began in March 2023 as part of a recovery process for investors. Initially, $145 million in stablecoins were moved to platforms including Coinbase, Binance, and Kraken.
Despite recovering over $5 billion in assets, FTX’s liabilities surpass $8.8 billion, underscoring their financial distress. FTX and Alameda’s ongoing asset liquidations signal their struggle to settle massive debts and offer some relief to creditors. The full impact and end of this liquidation saga remain to be seen
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