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FTX, one of the biggest crypto exchanges of a period, and its subsidiary Alameda Research recently transferred a substantial amount of crypto funds. According to data provided by the on-chain data analysis firm Lookonchain, crypto assets worth $23.59 million were moved to various leading crypto exchanges in a transaction that covered 19 tokens owned by FTX and Alameda Research. This major move occurred within the last four days.
FTX Continues to Pay Back Investors
FTX and Alameda Research continue to make payments to their debtors. Since October 24, approximately $550 million in cryptocurrency has been moved to repay investors. The transferred assets include 3,150 ETH (worth $6.8 million), 3.60 million CRV ($2.48 million), 33,388 AVAX ($990,000), and 50,282 LINK ($848,000).
Additionally, other altcoins were also included in the transfer. The total value of these altcoins was approximately $6.07 million and included 14 other altcoins. The other cryptocurrencies moved include PUNDIX, RSR, DOGE, BCH, AXS, MATIC, UNI, FXS, DOT, GMT, 1INCH, and SOL.
FTX and Alameda Research’s active continuation of this process is actually seen as part of a broader market movement. During this process, a cryptocurrency-specific transaction involving 74 different tokens and marking an astonishing amount of approximately $591 million has been executed.
FTX had offered a proposal to recover up to 90% of the creditor assets held on the exchange before the applications made after its collapse last November. As of today, the group of debtors overseeing the bankruptcy process will make an application by December 16, 2023, and will officially present it to a US Bankruptcy Court for review.
Revised Restructuring Plans for FTX 2.0
During this period, FTX aims to compensate unsecured creditors and plans to announce a new plan by mid-December with a renewed face. More importantly, this plan will be presented amidst increasing activities surrounding the ongoing bankruptcy procedures of the crypto exchange.
Gary Gensler, the not-so-beloved Chairman of the U.S. SEC among sensational names and crypto circles, also hinted at potential approval for a renewed FTX crypto exchange.
In the event of a possible approval, he stated that the future of the new administration should comply with legal boundaries. Gensler’s comments came in response to reports suggesting that Tom Farley, the former president of the New York Stock Exchange, might consider buying the bankrupt crypto exchange founded by convicted fraudster Sam Bankman-Fried.
