Wallets connected to FTX transfer over $100M stablecoins to exchanges Wallets connected to FTX transfer over $100M stablecoins to exchanges
Lookonchain said the wallets making the transactions were used to collect FTX's assets after it crashed in November 2022.
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Updated: Mar. 14, 2023 at 2:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Three addresses connected to bankrupt crypto exchange FTX and its sister trading firm Alameda Research have moved around $145 million to crypto exchanges.
In a March 14 tweet, on-chain analyst Lookonchain reported that the addresses transferred 69.64 million USDT to a new address, 0xad6e, which then sent 43 million USDT to Binance, Coinbase, and Kraken.
The blockchain sleuth added that these addresses also transferred 75.94 million USDC to Coinbase’s custodial wallet.
Lookonchain said the wallets making the transactions were used to collect FTX’s assets after it crashed in November 2022.
Meanwhile, it was unclear why the bankrupt firm made these transfers to these exchanges as of press time. Several crypto community members have drawn speculations about the nature of these transactions.
CryptoSlate reported that crypto wallets connected to the bankrupt firm rose by more than $80 million on March 13 due to the broader market rally.
FTX’s fund recovery effort continues
FTX’s new management has continued its effort to recover and consolidate the assets of the bankrupt crypto firm.
So far, the firm said it had recovered over $6 billion in cash and cryptocurrencies. However, court documents showed the company’s liabilities were around $9 billion โ that the firm holds only 1 Bitcoin against the 1,591 it owes customers.
Meanwhile, as part of its efforts to fully recover the firm’s assets, the FTX management wants to sell itsย $45 million stake in venture capital firm Sequoia Capital to Abu Dhabi-based Al Nawwar Investments RSC Limited.
Besides that, the firm has filed a lawsuit against Grayscale Investment to unlock its Bitcoin and Ethereum Trusts so that investors can redeem their shares and reduce the management fees.
The bankrupt exchange has also proposed a $4 million bonus plan for employees with “unique and specialized skillsets” that are difficult to replace and are critical to its case.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
USD Coin
$0.99961
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$1.00079
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
