FTX, Alameda Wallets Move $13M to Exchanges
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
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Crypto wallets associated with troubled crypto firms FTX and Alameda Research have moved more than $13 million in altcoins to different exchanges in the past 24 hours, on-chain analysis firm Spotonchain reported on 1 November.
According to on-chain data, the troubled crypto exchange first transferred $8.12 million worth of altcoins — including The Graph (GRT), Render (RNDR), and Maker (MKR) — to Coinbase. Following the transfer, wallet addresses connected to both FTX and Alameda made another $5.5 million transfer of altcoins — this time dYdX, Axie Infinity (AXS), and Aave (AAVE) — to Binance and Coinbase.
This is not the first time crypto wallets connected to the bankrupt crypto firm have moved assets to exchanges in recent history, with analytics firm Nansen flagging several such transactions, including a $8.1 million altcoin transfer to Binance, and then another transaction to Binance and Coinbase worth close to $24.5 million. Data collected by Spotonchain suggests that FTX and Alameda had moved a total of $78 million in digital assets over the past week alone.
These token movements are part of a court order from September, which allowed FTX and Alameda’s bankruptcy estate to sell, stake, and hedge various crypto holdings — excluding Bitcoin (BTC), Ether (ETH), and “certain insider-affiliated tokens” — worth close to $3.4 billion. The phased-out liquidation process allows the company to sell up to $50 million worth of altcoins weekly under court supervision and through an investment adviser.
- The New York Jurors took 4 fours of deliberating before pronouncing the former FTX CEO guilty of all seven charges of fraud and conspiracy to commit fraud.
- Bankman-Fried will now have to appear in court on 28 March, 2024, where he will face a potential maximum sentence of 115 years in prison.
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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- Joseph Pimbley, a member of litigation consulting firm PF2 Securities, will try to rebuff testimonies from Caroline Ellison, Gary Wang, Nishad Singh, and Adam Yedidia.
- During his testimony Pimbley will try to establish a timeline for the FTX-Alameda line of credit, and convince the jury it fluctuated between $1 billion and $3 billion between 2021 and 2022.
- The prosecution tried to paint FTX’s founder as someone who deliberately deceived his customers to get rich, and noted that he directed all activities that led to the failure of the company.
- The defense’s claimed SBF was an entrepreneur whose plans simply “didn’t work out”, and tried to cast the blame for Alameda’s downfall to its former CEO Caroline Ellison.