Crypto exchanges FTX and Alameda Research, amid a court-ordered liquidation process, have moved a substantial $13.1 million in various altcoins to multiple crypto exchanges. This process is part of FTX’s effort to sell nearly $3.4 billion in crypto assets in weekly batches, starting from $50 million per week.
Massive Crypto Transfers
Data from on-chain analysis firm Spotonchain reveals that the FTX wallet initiated a transfer of $8.12 million worth of altcoins to Coinbase. This transfer included 46.5 million GRT ($4.85 million), 972,073 RNDR ($2.3 million), and 708.1 MKR ($967,000).
FTX and Alameda linked crypto deposits on Coinbase. Source: SOC
Shortly thereafter, the wallet addresses of FTX and Alameda Research transferred an additional $5.49 million to Binance and Coinbase. In this transaction, the top three assets with the highest value included 1.14 million DYDX ($2.64 million), 192,888 AXS ($1.05 million), and 5,858 AAVE ($522,000).
Ongoing Liquidation and Significant Movements
— Spot On Chain (@spotonchain) November 1, 2023
This recent $13.1 million transfer follows a series of movements of FTX-linked wallets in the past week, where millions in various cryptocurrencies were deposited on various crypto exchanges. Notably, $8.1 million in altcoins were moved to Binance, and another $24.3 million in assets left wallets linked to FTX and Alameda, heading to Binance and Coinbase.
On October 31, FTX sent 1.6 million Solana (SOL) tokens valued at $56 million to an unknown wallet, and another 930,000 SOL worth $32 million, linked to FTX and Alameda, were transferred to another wallet speculated to be connected to Galaxy Digital, the firm designated for the liquidation process.
Total crypto assets sent to exchanges by FTX. Source: SOC
Data from Spotonchain indicates that a total of $78 million worth of assets have been sent to crypto exchanges from FTX and Alameda wallets over the past week.
Liquidation Process Details
The court-ordered phased-out liquidation process allows FTX to sell digital assets exceeding $3 billion through an investment adviser in weekly installments, following predetermined rules. Initially, the cap is set at $50 million per week, with the potential to increase to $100 million and even $200 million per week with consent from the creditor’s committee and ad hoc committee, subject to court approval.
This ongoing liquidation process signifies FTX’s commitment to fulfilling its financial obligations as per the court’s orders.