Crypto wallets associated with FTX and its sister company Alameda Research have reportedly transferred more than $13 million in various altcoins to multiple cryptocurrency exchanges as of November 1. The data, provided by on-chain analysis firm Spotonchain, indicates that the FTX wallet initially sent $8.12 million worth of altcoins to Coinbase. This included 46.5 million of The Graph’s GRT ($4.85 million), 972,073 Render (RNDR) ($2.3 million), and 708.1 Maker (MKR) ($967,000).
Subsequently, the wallet addresses linked to FTX and Alameda Research made another transfer worth $5.49 million to both Binance and Coinbase. The top three assets involved in this transaction were 1.14 million dYdX (DYDX) ($2.64 million), 192,888 Axie Infinity (AXS) ($1.05 million), and 5,858 Aave (AAVE) ($522,000).
These movements of funds follow earlier activity flagged by crypto analytics company Nansen. Last week, Nansen observed the deposit of millions of dollars’ worth of various cryptocurrencies into different exchanges from wallets linked to FTX. Specifically, $8.1 million worth of altcoins were transferred to Binance, and an estimated $24.3 million worth of assets left FTX and Alameda wallets to be deposited into Binance and Coinbase.
In addition, FTX recently unstaked and sent 1.6 million Solana (SOL) tokens worth $56 million from its wallets to an unknown wallet. Another 930,000 SOL worth $32 million that were linked to FTX and Alameda were moved to a different unknown wallet, which is speculated to be associated with Galaxy Digital, the designated firm for the liquidation process.
According to Spotonchain, a total of $78 million worth of assets has been sent from FTX and Alameda wallets to crypto exchanges in the past week.
The continued movement of altcoins from FTX-linked wallets to crypto exchanges comes as part of the court-ordered phased liquidation process. FTX has been granted permission to sell digital assets worth over $3 billion through an investment adviser in weekly batches, subject to pre-established rules.
The phased liquidation process allows FTX to sell $50 million worth of assets weekly, with a cap of $100 million in subsequent weeks. This cap can be increased up to $200 million per week with the written consent of the creditors’ committee and ad hoc committee, following court approval.
These developments have significant implications for the cryptocurrency market, as FTX’s liquidation process will impact the prices and availability of various altcoins. Traders and investors will closely monitor the impact of these transfers on the overall crypto market in the coming weeks.
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