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In a current growth involving bankrupt cryptocurrency companies FTX and Alameda Analysis, these entities have transferred $10.8 million price of crypto belongings to 3 main exchanges: Wintermute, Binance, and Coinbase. This transaction concerned eight totally different cryptocurrencies and is a part of a broader collection of transfers by FTX and Alameda since October 2023, amounting to a complete of $551 million encompassing 59 totally different tokens.
The detailed breakdown of the $10.8 million switch contains $2.58 million in StepN’s GMT, $2.41 million in Uniswap UNI 0.94%’s UNI, $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM, and $644,000 in Shiba Inu (SHIB), with smaller quantities in Arbitrum’s ARB and Optimism’s OP.
This isn’t the primary occasion of such exercise from these corporations. On November 14, 2023, FTX and Alameda transferred $24 million price of crypto belongings to Kraken and OKX exchanges. This collection of asset transfers is rooted in ongoing efforts to liquidate FTX’s digital belongings and settle creditor claims. A U.S. courtroom permitted a plan in November 2023 to promote FTX’s digital belongings, with a weekly restrict of $100 million per place, which might be elevated to $200 million with the approval of a particular committee.
The motion of funds by FTX and Alameda dates again to March 2023, after they initiated the method of recovering belongings for buyers. At the moment, three wallets related to them moved $145 million price of stablecoins to numerous platforms, together with Coinbase, Binance, and Kraken. Regardless of having recovered over $5 billion in money and liquid cryptocurrencies, FTX’s complete liabilities exceeded $8.8 billion, indicating the corporate’s extreme monetary misery.
The continuing asset liquidations by FTX and Alameda are anticipated to proceed as the businesses search to settle their substantial money owed and supply some reduction to their collectors. The way forward for these corporations and their remaining belongings stays unsure, however the liquidation course of is ongoing.