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Firms from Sam Bankman-Fried’s bankrupt empire, FTX and Alameda Research, reportedly transferred $24 million worth of crypto assets to the Kraken and OKX crypto exchanges.
<a href="https://crypto.news/tag/ftx/" data-type="link" data-id="https://crypto.news/tag/ftx/" rel="noopener noreferrer nofollow">FTX</a>‘s strategy to convert digital assets into cash was another attempt to stabilize its financial position after filing for bankruptcy.
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 🚨 [Updated] <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#FTX</a> further deposited $24M worth of 3 assets to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Kraken</a>, and <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#OKX</a> in the past 5 hours: 250K <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> ($13.5M) 8.27M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MATIC</a> ($7.41M) 1,500 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> ($3.1M) Overall, as of Nov 14, <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#FTX</a> and <a href="https://twitter.com/hashtag/Alameda?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Alameda</a> have transferred out $438M worth of 42 assets to exchanges. Currently, <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#FTX</a>… <a href="https://t.co/5dQextvsLY" target="_blank" rel="noopener noreferrer nofollow">https://t.co/5dQextvsLY</a> <a href="https://t.co/1EaSFdUFlC" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/1EaSFdUFlC</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1724216328352047308?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 14, 2023</a>
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In total, firms transferred 250,000 Solana (<a href="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">SOL</a>) ($13.5 million), 8.27 million Polygon (<a href="https://crypto.news/price/polygon/" rel="noopener noreferrer nofollow">MATIC</a>) ($7.41 million), and 1,500 Ether (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) ($3.1 million) to exchanges.
As of Nov. 14, the total value of assets transferred by FTX and <a href="https://crypto.news/tag/alameda-research/" data-type="link" data-id="https://crypto.news/tag/alameda-research/" rel="noopener noreferrer nofollow">Alameda</a> to various exchanges is a staggering $438m, spread across 42 different tokens.
Against such impressive transfers, FTX liquidity is shrinking: only 3,408 SOL ($179,000) remains in cold storage. However, a huge cache of 42.2 million SOL ($2.19 billion) remains locked and will be gradually unfrozen from next year until 2027 or 2028.
Amid the movement of assets, the price of SOL fell 6.90% over the past 24 hours, to $54.47. MATIC, on the contrary, increased by 8.47% to $0.9622. The price of ETH remained virtually unchanged, falling only 0.43% (to $2,049.70 over the last 24 hours).
In early November, analysts said that FTX and Alameda moved addresses worth $50.5 million onto various exchanges. From Oct. 24 to Nov. 8, FTX and Alameda Research moved 36 assets worth $350 million, according to Spot On Chain <a href="https://twitter.com/spotonchain/status/1722051562951041032?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1722051562951041032%7Ctwgr%5Efd33e3b999ad0e4d633ad63cfa0149e6ecbdc87a%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fwp%2Fwp-admin%2Fpost.php%3Fpost%3D14215485action%3Dedit" data-type="link" data-id="https://twitter.com/spotonchain/status/1722051562951041032?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1722051562951041032%7Ctwgr%5Efd33e3b999ad0e4d633ad63cfa0149e6ecbdc87a%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fwp%2Fwp-admin%2Fpost.php%3Fpost%3D14215485action%3Dedit" rel="noopener noreferrer nofollow">calculations</a>.
You might also like: <a href="https://crypto.news/a-deep-dive-into-ftxs-on-chain-funds-movement/" rel="noopener noreferrer nofollow"> A deep dive into FTX’s on-chain funds movement </a>

FTX and Alameda transferred $24m in crypto Kraken and OKX

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