FTX-linked wallets move over $100M in stablecoins to exchanges

Share IT

key takeaways:

  • Three wallets connected to FTX and Alameda Research have reportedly transferred stablecoins valued $145 million.
  • The stablecoins constitute of 75.94 million USD Coin and 69.64 million Tether (USDT) (USDC).

Around $145 million has been transferred to cryptocurrency exchanges from three addresses linked to the defunct crypto exchange FTX and sister trading company Alameda Research.

On-chain analyst Lookonchain detected addresses connected to FTX/Alameda moving money. Three accounts connected to FTX and its affiliate Alameda Research have transferred 75.94 million USD Coin and 69.64 million Tether USDT. The Tether assets have been transferred to custody-based wallets on websites like Kraken, Binance, and Coinbase. A Coinbase custodial wallet was used to receive all USDC money.

The contributing factors behind this sizable transfer of money have sparked questions and rumours. Some speculate that it might be connected to FTX’s liquidation process because the exchange is attempting to raise as much money as it can to pay back its owners as much as possible.

Lookonchain also discovered that all assets were gathered from these three locations following the failure of FTX.   One of the most disastrous incidents in the chronicles of the cryptocurrency business was undoubtedly the demise of FTX. As a result, the community heavily speculates whenever there is movement in the crypto space connected to FTX.

It is significant to note that both FTX and Alameda are working to recover assets in response to requests for the money to be returned to various investor groups. By January 2023, the ailing cryptocurrency exchange would have retrieved $5 billion in cash and liquid cryptocurrencies, according to FTX attorney Andy Dietderich. Its overall liabilities, however, are higher than $8.8 billion.

An agreement was also concluded with a company that the government of Abu Dhabi owns. Alameda Research sold its final remaining stake in the venture capital company Sequoia Capital to the Abu Dhabi sovereign wealth fund. About $45 million was spent on the transaction.

Additionally, last week, Alameda Research filed a lawsuit against Grayscale Investments in the Delaware Court of Chancery. Shareholders of Grayscale Bitcoin and Ethereum Trust are hoping to receive at least $9 billion in worth due to the lawsuit.

Share IT
Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

Get Daily Updates

Crypto News, NFTs and Market Updates

Claim Your Free Trading Guide

Sign up for newsletter below and get your free crypto trading guide.

Can’t find what you’re looking for? Type below and hit enter!