Blockchain research company Lookonchain has shown that major players in the cryptocurrency space, FTX and Alameda Research, are actively transferring a significant amount of digital assets worth a whopping $22 million.UNI, $SHIB, $BAL, $LOOKS, $WOO, $IMX, $GMT, $ETH, and $UNI make up the varied cryptocurrency mix.After filing for bankruptcy, FTX and Alameda Research were among the first to move quickly in the cryptocurrency space, moving substantial amounts to well-known exchanges.From October 2023 to the present, the business has arranged incredible deals totaling $551 million in 59 different tokens.
In their most recent transaction, $10.8 million was transferred through websites including Coinbase, Binance, and Wintermute.Eight tokens received the most recent $10.8 million transfer: $2.58 million in StepN, $2.41 million in Uniswap, $2.25 million in Synapse, $1.64 million in Klaytn, $1.18 million in Fantom, $644,000 in Shiba Inus, and minor amounts in Arbitrum, ARB, and Optimism, OP.
A single wallet address received $10 million on October 24 from the FTX and Alameda wallets; this money was then moved to Coinbase and Binance accounts.The Kraken and OKX exchanges experienced a surge in cryptocurrency assets of $24 million on November 14, 2023, marking another peak in the market.They are now able to sell digital assets for up to $100 million at first, with the potential to go up to $200 million with special committee permission, according to a scheme that was approved by a U.S. court.
The initial notes of this financial song were played in March 2023, coordinating a deft move of $145 million in stablecoins to exchanges including Coinbase, Binance, and Kraken.Even with assets recovered that exceed $5 billion, FTX has a difficult situation because of liabilities that exceed $8.8 billion.As FTX and Alameda manage ongoing liquidations, the severity of this financial burden becomes apparent, illustrating a tremendous effort to handle significant obligations while offering some relief to creditors.
The cryptocurrency community is keenly awaiting the resolution of this financial composition because the outcome of this liquidation saga is yet unknown