FTX and Alameda Research wallets send $13.1M in crypto to exchanges overnight

Related: FTXs Sam Bankman-Fried will testify at criminal trial, state defense lawyersPrior to the movement of $13.1 million in funds on Nov. 1, crypto analytic company Nansen flagged several FTX-linked wallet movements over the past week, which saw the deposit of millions in numerous cryptocurrencies on various crypto exchanges. Initially, a batch of $8.1 million worth of altcoins was moved to Binance; Nansen estimated that another $24.3 million worth of assets that have left wallets connected to FTX and Alameda were deposited into Binance and Coinbase.Separate from the initial $8.6 M moved:- 2.2 M USD LINK- 1M USD AAVE- 2M USD MKR- 3.4 M USD ETHWe have actually found an even more $24.3 M that has left wallets linked to FTX and Alameda which has been deposited into Binance and CoinbaseBut thats not all … pic.twitter.com/Dru4MysxfQ— Nansen (@nansen_ai) October 27, 2023

The assets consist of 46.5 million of The Graphs GRT (GRT) ($ 4.85 million), 972,073 Render (RNDR) ($ 2.3 million) and 708.1 Maker (MKR) ($ 967,000). The top 3 properties with the greatest value in this deal are 1.14 million dYdX (DYDX) ($ 2.64 million), 192,888 Axie Infinity (AXS) ($ 1.05 million) and 5,858 Aave (AAVE) ($ 522,000). On Oct. 31, FTX connected 1.6 million Solanas SOL (SOL) tokens worth $56 million that were unstaked and sent out to an unknown wallet.

On Oct. 31, FTX connected 1.6 million Solanas SOL (SOL) tokens worth $56 million that were unstaked and sent to an unidentified wallet. Another 930,000 SOL worth $32 million linked to FTX and Alameda were moved to another unidentified wallet hypothesized to be connected to Galaxy Digital, the main company designated for the liquidation process.930 k $SOL moves from @FTX_Official and @AlamedaResearch Solana wallets over last 3 days to wallet 5RAHK. Is this @novogratz wallet at @galaxyhq Galaxy Investment Partners? 930k $SOL from FTX and Alameda went through this wallet to wallets: -3 ADzk-5sTQ5-Ca469-8CAAy … pic.twitter.com/LXecevHUqz— MartyParty (@martypartymusic) October 31, 2023

Data aggregated by Spotonchain suggests an overall of $78 million worth of assets have been sent out to crypto exchanges from FTX and Alameda wallets over the previous week.Total crypto possessions sent out to exchanges by FTX. Source: SOCFTX-linked wallets have continued to send their stash of altcoins to crypto exchanges over the past month after a court-ordered phased liquidation procedure. The court order allows FTX to sell digital properties worth over $3 billion through a financial investment advisor in weekly batches in accordance with the pre-established rule.The phased-out liquidation procedure will enable FTX to sell $50 million worth of possessions weekly, followed by a $100-million cap in the prospering weeks. The cap can be increased approximately $200 million each week with the previous written authorization of the financial institutions committee and ad hoc committee after court approval.Magazine: The reality behind Cubas Bitcoin transformation: An on-the-ground report

The crypto wallets linked to the now-defunct crypto exchange FTX and its sis trading company, Alameda Research, have sent out over $13 million in various altcoins to numerous crypto exchanges as of Nov. 1. The possessions include 46.5 million of The Graphs GRT (GRT) ($ 4.85 million), 972,073 Render (RNDR) ($ 2.3 million) and 708.1 Maker (MKR) ($ 967,000). The top 3 possessions with the greatest value in this transaction are 1.14 million dYdX (DYDX) ($ 2.64 million), 192,888 Axie Infinity (AXS) ($ 1.05 million) and 5,858 Aave (AAVE) ($ 522,000).

Other Questions People Ask

What cryptocurrencies were involved in the $13.1M movement from FTX and Alameda Research wallets to exchanges?

The $13.1 million movement included several altcoins, such as 46.5 million of The Graph's GRT valued at $4.85 million, 972,073 Render (RNDR) worth $2.3 million, and 708.1 Maker (MKR) estimated at $967,000. Additionally, significant amounts of dYdX, Axie Infinity, and Aave were also part of the transaction. This diverse range of assets highlights the ongoing activity of FTX and Alameda Research wallets in the crypto market.

How much total value has been sent to exchanges from FTX and Alameda wallets recently?

In total, FTX and Alameda Research wallets have sent approximately $78 million worth of assets to crypto exchanges over the past week. This includes the recent $13.1 million transfer noted on November 1. The continuous movement of funds indicates a strategic liquidation process following court orders for asset sales.

What is the significance of the phased liquidation process for FTX and Alameda Research?

The phased liquidation process allows FTX to sell digital assets worth over $3 billion through an investment advisor in weekly batches. Initially capped at $50 million per week, this limit can increase to $200 million with proper approvals. This structured approach aims to manage the liquidation effectively while minimizing market disruption.

Which exchanges received the funds from FTX and Alameda Research wallets?

The funds moved from FTX and Alameda wallets were primarily deposited into major crypto exchanges, including Binance and Coinbase. These platforms are significant players in the crypto market, making them suitable destinations for such large transactions. The choice of exchanges reflects the ongoing liquidity needs of FTX amidst its liquidation process.

What was the role of Nansen in tracking the movements of FTX and Alameda wallets?

Nansen, a crypto analytics company, played a crucial role in flagging the wallet movements associated with FTX and Alameda Research. Their analysis revealed significant transfers, including the initial batch of $8.1 million worth of altcoins to Binance. By providing insights into these transactions, Nansen helps the crypto community understand the ongoing activities of these wallets during the liquidation phase.