Crypto News

FTX and Alameda Wallets Move $105.9M In Altcoins Amid Bankruptcy Proceedings

Recent on-chain data analyzed by Spotonchain reveals significant movement of assets involving FTX and Alameda wallets. Approximately $105.9 million worth of 19 altcoins were transferred to two middle wallets in a recent transaction. 

Notable tokens included in the transfer are 3.17 million GT ($31.3 million), 3.37 million LEO ($20.4 million), and 16.9 million VIC ($16.7 million), alongside $37.6 million in 16 other assets such as HXRO, KNC, CQT, GF, and more.

Of the total amount, around $16 million across 13 assets have been deposited into centralized exchanges (CEX), while the remaining tokens remain stored in the two middle wallets.

FTX Said To Be Ready to Repay Creditors

This movement of tokens is believed to be related to efforts by the FTX bankruptcy estate to repay creditors. 

Recently, a federal judge ordered Sam Bankman-Fried, the founder of FTX, to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed cryptocurrency exchange.

The transfer of assets indicates a strategic maneuver by FTX and Alameda to manage their holdings amidst the bankruptcy proceedings. 

By moving assets to middle wallets and depositing some onto centralized exchanges, they may be positioning themselves to address their financial obligations more effectively.

As the bankruptcy proceedings unfold and efforts to repay creditors continue, observers will likely monitor any further movements of assets by FTX and Alameda, as they navigate through this challenging period in their operations.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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