FTX, Alameda transfer $39M to exchanges in 37 days

Wallet addresses linked to the collapsed FTX exchange and Alameda Research moved at least $38.8 million in digital assets to exchanges so far this year.

Crypto wallets linked to the defunct FTX exchange and its sister company, Alameda Research, have sent over $38.8 million in digital assets to numerous crypto exchanges since January 2024. 

According to data tracked by blockchain analytics firm PeckShield, wallets linked to both organizations transferred at least $7 million in February to exchanges. On Feb. 4, the addresses moved $2.6 million in Ether (ETH) to Coinbase and about $1.1 million in Ton (TON) and Fantom (FTM) to FalconX and Wintermute. On Feb. 6, the crypto wallet addresses moved at least $3.3 million in various assets to Coinbase, Coinbase Prime, FalconX and Binance.

#PeckShieldAlert #FTX/#Alameda addresses transferred 1K $ETH (worth ~$2.3M) to #Coinbase, 54.5K $RLC (worth ~$117.8K), 2.4M $SNT (worth ~$90.5K), 6.9K $NMR (worth ~$190K), 618K $OXT (worth ~$61K) and 162.5K $POWR (worth ~$48K) to #CoinbasePrime, 103.5K $NEXO (worth ~$90K) to… pic.twitter.com/l9WwjXfgvV

— PeckShieldAlert (@PeckShieldAlert) February 6, 2024

In January, the crypto wallets linked to FTX and Alameda moved at least $35 million to exchanges. On Jan. 4, the wallets transferred $4.1 million in Cronos (CRO) to Coinbase. The wallets followed it up with another $2.4 million in ETH transfer to Coinbase and a 200 Wrapped BTC (WBTC), worth $9 million, transfer to Binance on Jan. 9.

Later in January, FTX and Alameda moved another $16.3 million to various exchanges. On Jan. 17, addresses linked to the organizations sent $8.9 million in Tether Gold (XAUT) to Coinbase and $2.6 million in ETH to Wintermute. The crypto wallets followed it up on Jan. 30 by transferring $2.3 million in ETH to Coinbase, $1.3 million in various altcoins to Binance and a $1.28 million transfer to GSR Markets.

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The fund movements happened amid the fallen exchange’s restructuring efforts and unveiling its plans to fully repay its customers. On Jan. 31, the defunct exchange said in a U.S. court hearing that its restructuring plans would not include a re-launch of the exchange but would be focused on repaying its customers in full. However, FTX attorney Andy Dietderich said that repaying customers was an objective, but not guaranteed.

Following the hearing, criticism was hurled toward the restructuring plan, pointing out the legal team’s profits over the ordeal. On Feb. 4, former United States Securities and Exchange Commission official John Reed Stark described the plan as a “highway robbery of highway robbers.”