The $22 million digital asset transfer that is currently underway between cryptocurrency heavyweights FTX and Alameda Research is being monitored by blockchain analysis firm Lookonchain. $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO make up the varied cryptocurrency mix.
Since filing for bankruptcy, FTX and Alameda Research have been heavily involved in the cryptocurrency space, managing large quantities of digital assets to well-known exchanges. With 59 different tokens, the company has orchestrated incredible transactions since October 2023, totaling $551 million
Today #FTX/#Alameda transferred ~$22M assets again, including:
6.26M $IMX($9.12M)
20M $GMT($5.29M)
1,643 $ETH($3.43M)
441,425 UNI($2.69M)
77.77B $SHIB($652K)
102,651 $BAL($389K)
2.24M $LOOKS($261K)
801,893 $WOO($179K) pic.twitter.com/VUqWBiNj5G— Lookonchain (@lookonchain) December 2, 2023
Nov. 14, 2023, saw another peak as $24 million in cryptocurrency assets rippled across Kraken and OKX exchanges. Powered by a U.S. court-approved plan, they can now sell digital assets, initially up to $100 million, with the possibility of an increase to $200 million, pending special committee approval. On Oct. 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts.
The first notes of this financial song were played in March 2023, coordinating a deft move of $145 million in stablecoins to Coinbase, Binance, and Kraken.
Even with the recovery of assets in excess of $5 billion, FTX faces a difficult situation due to liabilities in excess of $8.8 billion. As FTX and Alameda navigate ongoing liquidations, the severity of this financial strain becomes apparent, illustrating a monumental effort to address substantial debts while offering some relief to creditors.
The cryptocurrency community is eagerly awaiting the conclusion of this financial composition, as the outcome of this liquidation saga remains unknown.
