The court-ordered liquidation allows FTX to sell nearly $3.4 billion worth of crypto assets in weekly tranches, starting at $50 million per week.
Crypto wallets affiliated with defunct crypto exchange FTX and affiliated trading firm Alameda Research have transferred over $13 million to various crypto exchange as of November 1.
According to data from on-chain analytics firm Spotonchain , the FTX wallet transferred $8.12 million worth of altcoins to Coinbase. The assets include 46.5 million GRT of The Graph (4.85 million USD), 972,073 Render ( RNDR ) Token (2.3 million USD), and 708.1 Maker Token (967,000 USD).
After three hours, the wallet address of FTX and Alameda Research made a transaction worth 5.49 million USD to Binance and Coinbase. The three highest valued assets in this transaction were 1.14 million DYDX ($2.64 million), 192,888 Axie Infinity ($1.05 million) and 5,858 AAVE ($522,000).
#FTX and #Alameda Research further deposited $5.49M worth of 6 assets $ AAVE ,$ALICE $ AXS , # C98 , $ DYDX , $ ZRX , to #Binance and #Coinbase ~30 mins ago.
Top 3 include:
1.14M $ DYDX ($2.64M)
192,888 $ AXS ($1.05M)
$5,858 AAVE ($522K)Overall, #FTX and #Alameda Research have… https://t.co/Rw0PnalH6G pic.twitter.com/JPbIXZJPzv
— Spot On Chain (@spotonchain) November 1, 2023
Before the $13.1 million move on November 1, crypto analytics firm Nansen flagged several wallet moves related to FTX over the past week, including the deposit of millions of dollars into various cryptocurrency exchanges. First, some $8.1 million in altcoins were transferred to Binance; Nansen estimates that approximately $24.3 million in assets left wallets associated with FTX and Alameda and were deposited in Binance and Coinbase.
The initial funds left both FTX and Alameda, where they then moved to intermediary wallets before they were sent to the two exchanges
Tracking their movements is made simple with our Entity Profiler which consolidates known FTX and Alameda EVM addresses into one place pic.twitter.com/fZQIsSLI7p
— Nansen
(@nansen_ai) October 27, 2023
On October 31, FTX sent 1.6 million Solana (SOL ) Token worth $56 million from Staking withdrawals to an unknown cryptocurrency wallet. Additionally, 930,000 SOL worth 32 million USD linked to FTX and Alameda were also transferred to an unknown cryptocurrency wallet, believed to be related to Galaxy Digital - the company chosen as the recipient. liquidation rights.
930k $ SOL moves from @FTX_Official and @AlamedaResearch Solana wallets over last 3 days to wallet 5RAHK.
Is this @novogratz wallet at @galaxyhq Galaxy Investment Partners?
930k $ SOL from FTX and Alameda passed through this wallet to wallets:
-3ADzk
-5sTQ5
-Ca469
-8CAAy… pic.twitter.com/LXecevHUqz— MartyParty (@martypartymusic) October 31, 2023
According to data compiled by Spotonchain, approximately $78 million in assets were transferred from FTX and Alameda wallets to cryptocurrency exchanges in the past week.
FTX-affiliated wallets continued to send their virtual currencies to crypto exchange throughout the past month following the court-ordered liquidation process. The court decision allows FTX to sell digital assets worth more than $3 billion through an investment advisor in weekly installments according to previously established rules.
This installment payment process will allow FTX to sell $50 million in assets weekly, followed by a limit of $100 million in subsequent weeks. The limit can be increased up to $200 million weekly following the prior agreement of the creditors committee and the interim committee following court approval.
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