FTX Shift $22 mn In Crypto Amid Bankruptcy
Blockchain analysis firm Lookonchain has highlighted significant digital asset transfers by FTX and Alameda Research, two cryptocurrency entities that have been managing their holdings since declaring bankruptcy.
The most recent transactions, which began in October 2023, involved transferring $22 million in cryptocurrencies like IMX, GMT, and ETH to several major exchanges.
The transactions are part of a deliberate strategy to navigate their current financial situation. A $10.8 million transaction was executed, distributing funds across eight different cryptocurrencies to platforms such as Wintermute, Binance, and Coinbase.
On October 24, wallets associated with FTX and Alameda transferred $10 million to a single address, which was subsequently redistributed to Binance and Coinbase.
On November 14, 2023, $24 million in assets were transferred across Kraken and OKX exchanges. These steps are part of a U.S. court-approved plan allowing the sale of digital assets, initially capped at $100 million but with potential expansion to $200 million, subject to committee approval.
(With inputs from Shikha Singh)
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