FTX and Alameda linked wallets transfer $10M of crypto to exchanges in 5 hours using web 3.0 blockchain technology.
FTX and Alameda linked wallets transfer $10M of crypto to exchanges in just 5 hours

Web 3.0 Blockchain Technology and Assets Transferred

Data from blockchain analytics platform Spot On Chain showed that wallets linked to bankrupt crypto firms Alameda Research and FTX transferred over $10 million worth of cryptocurrency to exchange deposit accounts in five hours on October 24-25. This movement of funds may indicate that the firms plan to liquidate some assets to pay back creditors.

At 8:18 pm UTC on October 24, Spot on Chain data indicated that an address “likely” belonging to FTX transferred 2,904 Ether (ETH), worth over $5 million at the time, to address 0xde9a61c2b776e2f4c6ddb0c9ad5ccfcfc15b0a9b. This address then sent $3.4 million of the funds to a Binance deposit address and $1.8 million to a Coinbase deposit address. Additionally, 39 minutes later, a wallet identified as belonging to Alameda Research sent $95 worth of tokens including Chainlink (LINK), MakerDAO (MKR), and Aave (AAVE) tokens.

In the subsequent five hours, an additional $5 million worth of cryptocurrency was sent into this address by FTX and Alameda wallets, including some Compound (COMP) and Render (RNDR) tokens. Finally, at approximately 2:00 am UTC on October 25, this address sent approximately $2 million worth of LINK, $2 million worth of MKR, and $1 million worth of AAVE to a Binance deposit address. Altogether, the total value of cryptocurrency sent to exchange deposit addresses during this period was $10,362,403, according to Spot on Chain.

The Delaware Bankruptcy Court approved a plan to liquidate $3.4 billion worth of crypto assets held by FTX and Alameda Research on September 13. This news stirred concerns that liquidating such a large amount of crypto could cause a slump in the market. However, experts have argued that the gradual, phased nature of the liquidation should limit its influence on the market.

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