Crypto Transfers Worth $13.1M Detected from FTX and Alameda Research Wallets

By: Isha Das

The wallets associated with the defunct crypto exchange FTX and its associated trading firm Alameda Research were noted to have transferred in excess of $13.1 million in a variety of altcoins to multiple leading crypto exchanges on November 1. According to data from blockchain analytic firm Spotonchain, the wallets initially transferred an estimated $8.12 million worth of altcoins to Coinbase, leading assets included GRT, RNDR, and MKR. This was followed by another transfer worth $5.49 million to Binance and Coinbase in a span of three hours, including assets such as DYDX, AXS, and AAVE.

Prior to this significant funds movement, several FTX-related wallet activities were flagged by crypto analytic firm Nansen throughout the week, noting the deposit of multi-million dollars’ worth of various cryptocurrencies across different crypto exchanges.

On October 31, FTX-related transactions noted the unstacking of 1.6 million Solana (SOL) tokens, which was then sent to an unknown wallet. Another 930,000 SOL tokens were documented to be moved to another unknown wallet speculated to have relations to Galaxy Digital, the firm assigned to the liquidation process. Aggregated data from Spotonchain suggests that in the past week alone, over $78 million worth of assets have been sent to crypto exchanges from FTX and Alameda wallets.

The court-ordained phased-out liquidation process, which permits FTX to sell over $3 billion worth of digital assets, is a key factor in this saga. FTX is permitted to sell digital assets worth $50 million weekly, and this cap can be escalated up to $200 million each week with prior consent of stakeholders and court approval.