Crypto Assets Worth $59 Million Transferred by FTX & Alameda Amid Legal Battles

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The post Crypto Assets Worth $59 Million Transferred by FTX & Alameda Amid Legal Battles appeared first on Coinpedia Fintech News

According to the latest Lookonchain tweet series, the embattled firms FTX & Alameda have recently transferred around $59 million in crypto assets. The timing of these massive movements has market spectators questioning whether this is related to the ongoing legal battles and possible intent to liquidate assets.

1/ As of Oct 27, FTX/Alameda had transferred a total of $59M in crypto assets, including:

787K $SOL($25.4M)
4,858 $ETH($8.7M)
532K $LINK($5.8M)
7.8M $MATIC($4.9M)
1.09M $DYDX($2.5M)
974K $RNDR($2M)
488K $UNI($2M)
1.09M $LDO($2M)
1,341 $MKR($1.9M)
1.6M $AGLD($1.3M)
… pic.twitter.com/WdttkrhzwP

— Lookonchain (@lookonchain) October 27, 2023

In a sweeping review, Lookonchain divulged that FTX and Alameda Research moved a massive $59 million across various cryptocurrencies:

787K $SOL ($25.4M)
4,858 $ETH ($8.7M)
532K $LINK ($5.8M)
7.8M $MATIC ($4.9M)
1.09M $DYDX ($2.5M)

Furthermore, eight addresses linked to FTX/Alameda, which have recently sold assets, hold an estimated $619 million in crypto. These holdings include substantial amounts of $ETH, $FTT, $WLD, and $MATIC.

Importantly, Lookonchain also pointed out that wallets linked to these firms sent a staggering $10 million worth of crypto to exchanges like Binance and Coinbase within just five hours.

In a corroborative note, blockchain analytics firm Spot On Chain confirmed the $10 million transfers to Binance and Coinbase. Typically, such large transfers to exchanges are seen as precursors to a sale, which may affect the market gravely. Given the firms’ recent bankruptcy announcements, it’s plausible that they are preparing to sell assets to satisfy creditors.

Legal Complications: The SBF Angle

Meanwhile, former FTX CEO Sam Bankman-Fried is neck-deep in legal turmoil, facing seven charges, including fraud and money laundering. The case unfolded for four weeks, revealing solid evidence against SBF and FTX. Despite these serious accusations, SBF maintains his innocence, and his legal team argues that there was no intent to steal customer funds.

The Lookonchain revelations couldn’t come at a more critical time, adding another layer of complexity to the legal battles that FTX and Alameda Research face. The extensive details provided by Lookonchain offer market participants a unique lens through which to interpret these asset movements and assess the potential market impact.

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