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FTX & Alameda research moved out $10.8M to major crypto exchanges

Crypto Exchanges The most recent transaction involving defunct crypto trading entities associated with FTX and Alameda Research has attracted attention due to its intricate nature. A total of $10.8 million was transferred across eight different tokens, namely StepN (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB), and Optimism (OP).
FTX & Alameda research moved out $10.8M to major crypto exchanges
The most recent transaction involving defunct crypto trading entities associated with FTX and Alameda Research has attracted attention due to its intricate nature. A total of $10.8 million was transferred across eight different tokens, namely StepN (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB), and Optimism (OP). Notably, these transactions were directed to accounts on major platforms such as Binance, Coinbase, and Wintermute.

Spot On Chain, a blockchain analysis firm, has been diligently monitoring these movements and estimates that since October 24, these defunct entities have orchestrated transfers totaling $551 million across 59 different cryptocurrency tokens. The complexity of the operations underscores the challenges faced by regulatory authorities in tracking and understanding such financial maneuvers.

In the latest transfer, the funds were distributed as follows: $2.58 million in StepN’s GMT, $2.41 million in Uniswap’s UNI, $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM, $644,000 in Shiba Inu’s SHIB, along with smaller amounts of Arbitrum’s ARB and Optimism’s OP.

This financial activity traces back to March when FTX and Alameda initiated the asset recovery process for their investors. Initially, $145 million worth of stablecoins was moved to various platforms, including Coinbase, Binance, and Kraken. Notably, $69.64 million in Tether (USDT) was shifted to custodial wallets on crypto exchanges, while the remaining $75.94 million in USD Coin (USDC) found its way to a Coinbase custodial wallet.

Despite having recovered over $5 billion in cash and liquid cryptocurrencies, the troubled cryptocurrency exchange’s total liabilities exceeded a staggering $8.8 billion. The intricate movements of funds highlight the ongoing challenges in monitoring and regulating the dynamic cryptocurrency landscape.

Wasif Shakir

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