FTX Wallet Transfers $38M To Exchanges

FTX exchange and Alameda Research moved over $38.8 million worth of assets to various exchanges like Binance, coinbase and falconX.

Since the beginning of 2024, cryptocurrency wallets connected to the bankrupt FTX exchange and its sister business, Alameda Research transferred over 38.8 million dollars worth of digital assets to various cryptocurrency exchanges.

Wallets related to both groups transferred a minimum of seven million dollars to exchanges in February according to data recorded by the blockchain analytics company PeckShield.

On February 4th, the addresses sent approximately $1.1 million in Ton (TON) and Fantom to FalconX and Wintermute, and transferred $2.6 million worth of Ether to Coinbase.

On February 6, the cryptocurrency wallet addresses transferred at least $3.3 million worth of assets to Coinbase, Coinbase Prime, FalconX and Binance. During January, cryptocurrency wallets that were associated with FTX and Alameda sent at least $35 million to exchanges.

The wallets moved $4.1 million worth of Cronos from the wallets to Coinbase on January 4th. On January 9, the wallets followed it up with a transfer of another $2.4 million worth of Ethereum to Coinbase and 200 wrapped bitcoins (WBTC) to Binance, collectively valued at $9 million.

Towards the end of January, FTX and Alameda sent an additional $16.3 million to several exchanges. Addresses associated with the organizations transferred Tether Gold (XAUT) worth $8.9 million to Coinbase on January 17 and transferred ETH worth $2.6 million to Wintermute.

After that, on January 30th the cryptocurrency wallets followed up by sending $2.3 million worth of ether to Coinbase, $1.3 million worth of various altcoins to Binance and $1.28 million worth of cryptocurrency to GSR Markets.

Amid the collapsed exchange’s efforts to restructure itself and reveal its plans to compensate its consumers properly, fund movements occurred. The defunct exchange stated in a court hearing held in the United States on January 31 that it would focus on repaying its clients in full as part of its restructuring plans, rather than re-launching the exchange.

However, Andy Dietderich an attorney for FTX, stated that the repayment of customers was a goal and not a promise under any circumstances. After the hearing concluded, critics focused on the gains made by the legal team during the ordeal.

John Reed Stark, a former commissioner with the United States Securities and Exchange Commission referred to the plot as a “highway robbery of highway robbers” on February 4.