- Wallets linked to the bankrupt crypto firms FTX and Alameda Research rapidly transferred over $10 million in crypto to exchanges between October 24-25.
- The transfers occurred over just 5 hours, with FTX and Alameda sending assets to Binance and Coinbase.
- This rapid liquidation comes after FTX filed for bankruptcy on November 13, with plans to liquidate $34 billion in holdings, sending shockwaves through the crypto industry.
In the past week, the crypto world has been rocked by the dramatic collapse of two of its biggest players: FTX and Alameda Research. As the firms navigate bankruptcy, they appear to be liquidating assets quickly to pay back creditors.
Wallets Linked to FTX and Alameda Send $10 Million to Exchanges
According to data from blockchain analytics platform Spot On Chain, wallets linked to the bankrupt firms rapidly transferred over $10 million worth of cryptocurrency to exchange deposit accounts between October 24-25.
The Transfers Occurred Over Just 5 Hours
The first transfer was made from an address likely belonging to FTX, which sent $5 million worth of Ether to another address at 8:18 pm UTC on October 24. That address then forwarded $3.4 million to Binance and $1.8 million to Coinbase.
Just 39 minutes later, a wallet tied to Alameda Research sent tokens worth $95,000 to the same address. Over the next five hours, FTX and Alameda sent an additional $5 million in crypto assets.
In total, $10.36 million was deposited to Binance and Coinbase during this brief period, showing the speed at which the firms are selling holdings.
The Aftermath of FTX’s Shocking Collapse
The rapid liquidations come after FTX filed for bankruptcy on September 13, with a Delaware court approving plans to liquidate $34 billion in crypto holdings.
While some fear this massive sell-off could hurt crypto prices, experts say the gradual approach should limit the impact. Still, the dramatic collapse of these two giants has sent shockwaves through the industry.
