FTX and Alameda Linked Wallets Transfer $10M in Coinbase and Binance Crypto Exchanges in Just 5 Hours

FTX and Alameda’s $10 million crypto transfer to exchanges suggests looming asset liquidation in the aftermath of bankruptcy. Stay tuned for updates.
FTX and Alameda Linked Wallets Transfer $10M in Coinbase and Binance Crypto Exchanges in Just 5 Hours
FTX and Alameda Linked Wallets Transfer $10M in Coinbase and Binance Crypto Exchanges in Just 5 Hours

Within five hours, wallets affiliated with the bankrupt crypto businesses FTX and Alameda Research transferred nearly $10 million in digital assets to exchange accounts, indicating future asset liquidations.

On October 24, around 8:18 p.m. UTC, an address associated with FTX transferred about $5 million in Ether to a holding account, according to blockchain analytics company Spot On Chain.

This account split the assets between Coinbase and Binance deposit wallets over the following 30 minutes, sending $3.4 million and $1.8 million, respectively.

Around 9:00 p.m., a known Alameda Research wallet transmitted minor quantities of LINK, MKR, and AAVE tokens totaling $95 to the holding address.

Over the next five hours, additional FTX and Alameda wallets sent around $5 million more assets to the account. COMP and RNDR tokens were included.

On October 25, about 2:00 a.m. UTC, the holding address transmitted $2 million in LINK, $2 million in MKR, and $1 million in AAVE to a Binance deposit account.

Within this brief duration, Spot on Chain recorded $10,362,403 in crypto moving to exchanges by entities associated to the bankrupt firms. The moves signal that asset liquidations are imminent.

In September, a Delaware judge authorized a proposal to liquidate nearly $3 billion in crypto holdings from the bankruptcy estates of FTX and Alameda. Liquidators have cautioned that large-scale sales may further destabilize digital asset markets.

The assets, however, are scheduled to be sold gradually in stages to minimize price impact. The recent transactions of approximately $10 million constitute only a small portion of the total inventory.

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