Last year, $145 million in assets tied to crypto exchange FTX, which went bankrupt, took action. The transferred data reveals that the three major FTX wallets have transferred assets to Binance, Coinbase and Kraken exchanges! Here are the details…
New move from FTX: $145 million assets are on the move!
The cryptocurrency market is awash with the latest major transfers. Three addresses affiliated with bankrupt cryptocurrency exchange FTX and its sister company Alameda Research have secured a transfer of approximately $145 million to cryptocurrency exchanges. In a tweet dated March 14, on-chain analytics data firm Lookonchain reported that it has sent 43 million USDT to Binance, Coinbase and Kraken, while pointing out that addresses have transferred 69.64 million USDT to a new address, 0xad6e.
The 3 addresses related to FTX/Alameda transferred 69.64M $USDT to the address "0xad6e", among which 43M $USDT was transferred to #Coinbase, #Binance and #Kraken.
And transferred 75.94M $USDC to #Coinbase Custody Wallet. pic.twitter.com/MqvCA87ItD
— Lookonchain (@lookonchain) March 14, 2023
The blockchain analysis firm added that these addresses also transferred 75.94 million USD of Coins (USDC) to Coinbase’s custodian wallet. According to the data, Lookonchain reports that the wallets that made the transactions were used to collect the assets of FTX after it crashed in November 2022.
It is not yet clear why the instantly bankrupt company made these transfers to these exchanges. Prominent members of the cryptocurrency communities speculated about the reason for these transactions. According to CryptoSlate, the market volatility on March 13 caused the cryptocurrency wallets associated with the bankrupt company to increase by more than $80 million.
Trying to save FTX funds
As Cryptokoin.com previously reported, the new management of FTX continues its efforts to recover and consolidate the assets of the bankrupt crypto firm. FTX says it has recovered over $6 billion in cash and cryptocurrencies so far. However, court documents show that the company’s liabilities are about $9 billion. On the other hand, FTX management is looking to sell its $45 million stake in venture capital firm Sequoia Capital to Abu Dhabi-based Al Nawwar Investments RSC Limited as part of its efforts to fully repurchase the company’s assets.
However, the bankrupt firm sued Grayscale Investment to unlock the Bitcoin and Ethereum Trusts so that investors could buy back their shares and reduce management fees. Additionally, FTX offered a retention plan that would pay the exchange employees bonuses of up to 94% of their salary. Experts interpret these plans as FTX’s efforts to survive. According to experts, if these plans go well, a new formation may emerge soon.
