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.