Blockchain analytics firm Spot On Chain detected a significant movement of digital assets totaling $23.59 million from wallets associated with defunct cryptocurrency trading firms FTX and Alameda Research to top cryptocurrency exchanges within a span of four days.
Spot On Chain estimates that since October 24, these defunct entities have transferred approximately $591 million across 59 different cryptocurrency tokens. The latest transfer split the $23.59 million among 19 coins related to FTX wallets, including Ethereum, Aleph.im (ALEPH), Curve DAO (CRV), Avalanche, and Chainlink, among others. These assets were subsequently transferred to major exchanges like Binance, Coinbase, OKX, and Galaxy Digital OTC.
In earlier movements dating back to March, FTX and Alameda initiated asset recoveries for investors, with three wallets moving $145 million worth of stablecoins to various platforms, including Coinbase, Binance, and Kraken. Notably, Tether worth $69.64 million was transferred to escrow wallets on cryptocurrency exchanges, while the remaining $75.94 million in USD coins were directed to Coinbase custodial wallets.
FTX and Alameda wallets have engaged in consecutive transactions, including a $10 million transfer on October 24 and a subsequent $13.1 million movement on November 1, both directed to Binance and Coinbase accounts.
Despite recovering more than $5 billion in cash and liquid cryptocurrency, these defunct entities still grapple with outstanding liabilities amounting to $3.8 billion.
