Bankrupt cryptocurrency exchange FTX and investment arm Alameda Research continue to make millions of dollars worth of transfers in various altcoins. Recently, one of the leading on-chain data analysis platforms, Lookonchain, reported that FTX and Alameda Research made a $27.2 million transfer in various altcoins.
Millions of Dollars Worth of Transactions in Altcoins such as RNDR, SOL, ETH, MKR, REN, and GRT
On-chain data analysis platform Lookonchain reported that FTX and Alameda Research made a $27.2 million transfer in altcoins today. The transferred altcoins include $17.93 million worth of RNDR, $4.7 million worth of SOL, $2 million worth of ETH, and $1.18 million worth of MKR. Additionally, various altcoins such as REN worth $1.12 million and GRT worth $0.27 million were transferred to the cryptocurrency exchange Coinbase.
FTX and Alameda Research have transferred over $106 million worth of altcoins to various wallet addresses and cryptocurrency exchanges. According to Spot On Chain data, even after continuously transferring significant amounts of altcoins to various cryptocurrency exchanges in recent days, FTX and Alameda Research still hold $736 million in EVM (Ethereum Virtual Machine) assets.
Altcoin Transfers Surrounding FTX and Alameda Research
In recent days, a series of transactions have taken place from multiple wallet addresses associated with FTX and Alameda Research. According to data, these transactions began with transfers from various wallet addresses belonging to FTX and Alameda Research to centralized cryptocurrency exchanges such as Binance and Coinbase on October 25. Subsequently, both organizations have continuously made various transfers since October 25.
Earlier this month, both FTX and Alameda Research made headlines by transferring $1.01 million worth of 21,967 COMP and $2.04 million worth of 974,270 RNDR to Binance through leading global algorithmic cryptocurrency trading company Wintermute. Following this, the companies moved an additional $6.5 million worth of altcoins to cryptocurrency exchanges by sending them to two intermediary wallet addresses, including UNI, DYDX, SUSHI, and LDO.
The recent reshuffling of funds in the wallet addresses of both companies reflects their intention to liquidate certain altcoins as part of their strategy to repay creditors. Throughout 2022, Alameda Research secretly benefited from customer funds within FTX to repay all outstanding loans by the summer of that year, successfully avoiding suspicion. As of November 2022, Alameda Research’s debt reached up to $10 billion as a result of the approach to repay creditors using FTX customer assets, leading to the bankruptcy flag being raised once this method became unsustainable.
