In a recent series of tweets by Lookonchain, we’ve learned about some major crypto asset moves involving FTX and Alameda, two companies facing significant challenges. An impressive $59 million in cryptocurrency is on the move, making people wonder why.
That’s what we’re here to uncover. Read on!
A Closer Look – What’s With the Transfers?
Lookonchain did a deep dive into these massive transfers by FTX and Alameda Research, which involve different cryptocurrencies.
- 787K $SOL ($25.4M)
- 4,858 $ETH ($8.7M)
- 532K $LINK ($5.8M)
- 7.8M $MATIC ($4.9M)
- 1.09M $DYDX ($2.5M)
What’s more, eight addresses connected to FTX and Alameda, which recently sold assets, collectively hold an astonishing $619 million in cryptocurrencies. These include significant amounts of ETH, FTT, WLD, and MATIC.
Interestingly, Lookonchain also noticed that wallets linked to these companies sent a whopping $10 million in cryptocurrencies to exchanges like Binance and Coinbase in just five hours.
Also Read: FTX to Liquidate GBTC Holdings: How Will You Be Impacted?
Analytics Firm Joins In
To reinforce this, blockchain analytics firm Spot On Chain has confirmed the $10 million transfers to Binance and Coinbase. In the world of cryptocurrencies, sending large amounts to exchanges usually means that assets are about to be sold, and this could have a big impact on the market.
Given these companies’ recent bankruptcy announcements, it’s likely they are getting ready to sell assets to pay off their debts.
Legal Troubles Loom Large
Meanwhile, former FTX CEO Sam Bankman-Fried is deeply caught up in legal issues, facing seven charges, including fraud and money laundering. The case has been unfolding for four weeks, showing strong evidence against SBF and FTX.
Even though these are serious allegations, SBF claims he’s innocent, and his legal team argues there was no intention to take customer funds.
Also Read: FTX Stages Comeback in 2023: Will It Be a Success?
