Ethereum

Spot

The crypto market just witnessed a massive $10 million shuffle, courtesy of wallets associated with the infamous Alameda Research and the bankrupt powerhouse, FTX.<a href="https://watcher.guru/news/millions-of-funds-tied-to-ftx-continue-moving-to-binance" rel="nofollow noopener" target="_blank"> </a> 
These wallets were caught red-handed, transferring substantial crypto sums to various exchange deposit accounts, all within a tight five-hour window spanning from Oct. 24 to 25. 
Thanks to Spot On Chain’s eagle-eyed blockchain analytics, this eyebrow-raising activity didn’t slip through the cracks. The question now stands – are these firms gearing up to liquidate assets, paying back their long line of creditors? 
Cracking open the Spot On Chain data vault reveals the gritty details. An address, with high likelihood ties to FTX, shifted a whopping 2,904 Ethereum – we’re talking over $5 million – to another address at 8:18 pm UTC, Oct. 24. 
From there, the funds took a split path – $3.4 million found its way to a Binance deposit address, while $1.8 million cozied up in a Coinbase deposit address. 
Fast forward 39 minutes, and you’ve got an Alameda Research-affiliated wallet tossing in $95 worth of tokens, featuring the likes of LINK, MKR, and AAVE. 
But the crypto dance didn’t stop there. The subsequent five hours saw an additional $5 million in crypto tossed into the mix by both FTX and Alameda wallets, bringing COMP and RNDR tokens into the play. 
And by 2:00 am UTC, Oct. 25, this crypto party saw a grand exit – approximately $2 million in LINK, another $2 million in MKR, and $1 million in AAVE tokens all heading straight to a <a href="https://www.cryptopolitan.com/binances-withdrawal-woes/" data-type="post" data-id="392304">Binance</a> deposit address. The grand total of this crypto escapade? A jaw-dropping $10,362,403, as per Spot On Chain’s meticulous calculations. 
Let’s rewind to Sept. 13, a day that sent shivers down the crypto world’s spine. A Delaware Bankruptcy Court laid down the law, greenlighting the liquidation of a staggering $3.4 billion worth of crypto assets held by FTX and Alameda Research. 
The crypto community braced for impact, fearing a market slump induced by this massive liquidation. But experts, with a reassuring tone, argued that a slow and steady phased liquidation approach should keep market turmoil at bay. 
FTX’s bankruptcy saga, which unfolded in November 2022, revealed a tangled web with Alameda Research. John J. Ray III, the new sheriff in FTX town, didn’t mince words, lambasting the previous lackadaisical financial controls under Sam Bankman-Fried’s reign, who is currently wrestling with criminal charges. 
Fast forward to today, and a creditors’ group now holds the reins over the assets once commanded by FTX and Alameda, part of the bankruptcy cleanup crew. 
Just this month, they went all in, staking over $150 million in ether and Solana’s SOL token, eyeing yields up to a sweet 8%. 
The recent crypto funneling to Binance wallets is a stark reminder – FTX is on a mission, liquidating and consolidating funds with precision, all while creditors circle like hawks, eager to recoup losses from FTX’s dramatic collapse. 
The once mighty FTX, now navigating the murky waters of bankruptcy, is making moves. But will it be enough to settle the scores and pay back the sea of creditors left in its wake? Only time will tell, as the crypto world watches, waiting to see how this high-stakes financial drama unfolds.

FTX, Alameda wallets make $10m crypto transactions

Cryptopolitan_News

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