The post FTX and Alameda Liquidate $10.8 Million in Crypto to Binance, Coinbase, and Wintermute appeared first on Coinpedia Fintech News
Bankrupt cryptocurrency firms FTX and Alameda Research are in limelight once again by transferring $10.8 million worth of crypto assets to three major exchanges: Wintermute, Binance, and Coinbase. This latest transaction brings the total amount of crypto assets moved by FTX and Alameda since October 2023 to an astounding $551 million, enclosing 59 different tokens.
Details of the Transaction
According to data from Spot On Chain, a blockchain analzysis platform, the transferred assets comprised eight different cryptocurrencies:
- 10M $GMT ($2.58M)
- 407K $UNI ($2.41M)
- 5.23M $SYN ($2.25M)
- 8.76M $KLAY ($1.64M)
- 3.87M $FTM ($1.18M)
- 77.77B $SHIB ($644K)
In addition to these primary assets, smaller amounts of Arbitrum (ARB) and Optimism (OP) tokens were also transferred.
FTX and Alameda’s Ongoing Liquidation Efforts
This recent transaction is not the first time that defunct companies have liquidated their crypto holdings. On 14 November 2023, addresses affiliated with FTX and Alameda transferred $24 million worth of crypto assets to Kraken and OKX exchanges.
These asset transfers stem from ongoing efforts to liquidate FTX’s digital assets and settle creditor claims. In November 2023, a U.S. court approved a plan to sell FTX’s digital assets, with a maximum weekly limit of $100 million per position. However, this limit can be increased to $200 million with the approval of a special committee.
The Origins of the Funds
The movement of funds by FTX and Alameda dates back to March 2023, when the companies initiated the process of recovering assets for investors. At the time, three wallets associated with FTX and Alameda Research moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken.
FTX’s Financial Woes
Despite recovering over $5 billion in cash and liquid cryptocurrencies at the time, FTX’s total liabilities exceeded $8.8 billion, highlighting the company’s dire financial situation.
The ongoing asset liquidations by FTX and Alameda are likely to continue in the coming months as the companies seek to settle their gigantic debts and provide some hope of relief to their creditors. The future of these companies and their remaining assets remains uncertain, but one thing is clear that the liquidation process is far from over.
#News #Cryptonews #FTX [Source: Coinpedia]