- FTX and Alameda Research transferred $10.8 million in crypto assets to major exchanges like Binance, Coinbase, and Wintermute as part of ongoing asset recovery efforts
- The $10.8 million transfer involved 8 different cryptocurrency tokens, with the largest amounts being $2.5 million in GMT and $2.4 million in UNI
- FTX and Alameda have moved over $5 billion in assets to exchanges since March 2022 to repay investors, but their total liabilities still exceed $8.8 billion
The ongoing saga of FTX and Alameda Research’s collapse continues as more funds are transferred to major exchanges. They are currently involved with cash outs totaling $10.8 million across major players like Binance, Coinbase, and Wintermute.
Recent Cash Outs
Blockchain analysis firm Spot On Chain found $10.8 million worth of cryptocurrencies being moved from FTX and Alameda Research accounts to various crypto exchanges. The defunct entities transferred $551 million since October 24 using 59 different cryptocurrency tokens.
The latest $10.8 million transfer was spread across 8 tokens:
- $2.5 million in StepN (GMT)
- $2.4 million in Uniswap (UNI)
- $2.25 million in Synapse (SYN)
- $1.64 million in Klaytn (KLAY)
- $1.18 million in Fantom (FTM)
- $644,000 in Shiba Inu (SHIB)
- Small amounts of Arbitrum (ARB) and Optimism (OP)
Ongoing Asset Recovery Efforts
The funds movement dates back to March 2022 when FTX and Alameda began recovering assets for investors. In total, their liabilities exceeded $8.8 billion even after recovering over $5 billion in cash and liquid cryptocurrencies.
The asset recovery process involves moving funds to major exchanges like Binance, Coinbase, and Kraken. For example, on October 24, they transferred $10 million to a single wallet address which then moved funds to Binance and Coinbase.
Creditors’ Redemption Remains to be Seen
While the collapsed companies work to pay back investors, their liabilities still far outweigh recovered assets. The saga continues as more funds are steadily transferred to major exchanges. It remains to be seen how much creditors will recoup from the ongoing asset recovery efforts.
