Since January 2024, crypto wallets associated with the now-defunct FTX exchange and its sister company Alameda Research have transferred more than $38.8 million in digital assets to various cryptocurrency exchanges. According to data from blockchain analytics firm PeckShield, these wallets have moved approximately $7 million to exchanges in February alone.
On February 4, wallet addresses linked to FTX and Alameda transferred $2.6 million in Ethereum to Coinbase, along with Ton (TON) and Fantom tokens totaling around $1.1 million to FalconX and Wintermute. Two days later, on February 6, these addresses moved at least $3.3 million in various assets to exchanges such as Coinbase, Coinbase Prime, FalconX, and Binance.
In January, the movement of funds associated with FTX and Alameda totaled at least $35 million to exchanges. Notable transactions included $4.1 million in Cronos on January 4, followed by transfers to Coinbase and Binance. Subsequent movements involved $2.4 million in ETH sent to Coinbase on January 9, and 200 Wrapped BTC (WBTC) worth $9 million transferred to Binance.
Throughout January, additional transfers amounted to $16.3 million sent to various exchanges. Notably, on January 17, addresses linked to FTX and Alameda moved $8.9 million in Tether Gold (XAUT) to Coinbase, $2.6 million in ETH to Wintermute, and conducted further transactions with Coinbase, Binance, and GSR Markets later in the month.
These fund movements coincide with restructuring efforts by the collapsed exchange, which aims to fully repay customers. During a U.S. court hearing on January 31, FTX stated that its restructuring plan focused solely on repaying customers rather than restarting the exchange. However, FTX attorney Andy Dietderich emphasized that while repayment is the objective, it is not guaranteed.
Following the hearing, criticism emerged regarding the restructuring plan, particularly regarding the profits accrued by the legal team involved. Former SEC official John Reed Stack described the situation as akin to "highway robbery by highwaymen," prompting scrutiny of the unfolding events surrounding FTX's restructuring endeavors.
