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Wallets linked to bankrupt cryptocurrency firms Alameda Research and FTX transferred over $10 million worth of digital assets to exchange deposit accounts within a five-hour window on October 24–25, according to data from blockchain analytics platform Spot On Chain. The movement of these funds suggests that the firms may be preparing to sell certain assets to repay creditors.
#FTX and #Alameda related addresses are depositing tokens to exchanges!
Via address 0xde9, #FTX 0x97f and #Alameda 0xf02 have transferred
2,904 $ETH ($5.21M)
1,341 $MKR ($2.01M)
11,975 $AAVE ($1.02M)
198,807 $LINK ($2.27M)
to #Binance and #Coinbase in the past 5 hours.… pic.twitter.com/MQxCySp8g0— Spot On Chain (@spotonchain) October 25, 2023
According to Spot On Chain data, an address listed as “likely” belonging to FTX transferred 2,904 Ether (ETH), valued at over $5 million at the time, to address 0xde9a61c2b776e2f4c6ddb0c9ad5ccfcfc15b0a9b at 8:18 p.m. UTC on October 24. This address subsequently sent $3.4 million of the funds to a Binance deposit address and $1.8 million to a Coinbase deposit address. Thirty-nine minutes later, a wallet identified as belonging to Alameda Research sent $95 worth of tokens to this address, including Chainlink (LINK), MakerDAO (MKR), and Aave (AAVE) tokens.
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Over the following five hours, an additional $5 million worth of cryptocurrency was sent into this address by FTX and Alameda wallets, including Compound (COMP) and Render (RNDR) tokens. At approximately 2:00 a.m. UTC on October 25, this address transferred approximately $2 million worth of LINK, $2 million worth of MKR, and $1 million worth of AAVE to a Binance deposit address. The total value of cryptocurrency sent to exchange deposit addresses during this period amounted to $10,362,403, according to Spot On Chain data.
On September 13, a Delaware Bankruptcy Court approved a plan to liquidate $3.4 billion worth of crypto assets held by FTX and Alameda Research. The announcement sparked concerns that liquidating such a large volume of cryptocurrency could cause a market slump. However, experts have argued that the gradual, phased nature of the liquidation should limit its impact on the broader market.
