Recent data from blockchain analysis platform Spot On Chain reveals substantial cryptocurrency movements involving wallets linked to Alameda Research and FTX, both of which have faced bankruptcy. The transactions took place over a 5-hour period on October 24th and 25th, during which over $10 million worth of digital assets were transferred to exchange deposit accounts. These significant movements suggest that these companies may be planning to liquidate certain assets to meet their obligations to creditors.
The data indicates that an address potentially associated with FTX moved 2,904 Ether, valued at over $5 million, on October 24 at 8:18 pm UTC. Subsequently, the funds were divided, with $3.4 million sent to a Binance deposit address and $1.8 million directed to a Coinbase deposit address. Just 39 minutes later, a wallet attributed to Alameda Research transferred tokens worth $95 to the address, including some LINK, MKR, and AAVE.
Over the following five hours, FTX and Alameda Research wallets continued to send cryptocurrency to the same address, totaling an additional $5 million in value. This included various assets like COMP and RNDR. Around 2:00 a.m. UTC on October 25, the address dispatched approximately $2 million worth of LINK, $2 million worth of MKR, and $1 million worth of AAVE to the Binance deposit address. According to Spot on Chain's data, the cumulative value of the cryptocurrencies forwarded to exchange deposit addresses during this period reached $10,362,403.
In a previous development, the Delaware Bankruptcy Court had approved a plan to liquidate crypto assets valued at $3.4 billion held by FTX and Alameda Research. This announcement had raised concerns about the potential market impact due to such a substantial liquidation. However, experts believe that the gradual and staged nature of the liquidation process should help mitigate its effects on the market.
