As of November 1, crypto wallets linked to the now-defunct cryptocurrency exchange FTX and its associated trading firm, Alameda Research, have initiated the transfer of more than $13 million in various altcoins to various cryptocurrency exchanges. According to data from on-chain analytics firm Spotonchain, the first batch of assets worth $8.12 million in altcoins was moved from an FTX wallet to Coinbase. These altcoins included 46.5 million GRT of The Graph, valued at approximately $4.85 million, 972,073 Render (RNDR) worth $2.3 million, and 708.1 Maker tokens amounting to $967,000.
Following this initial transfer, FTX and Alameda Research wallets executed another transaction, moving an additional $5.49 million to Binance and Coinbase. This transfer included notable assets like 1.14 million dYdX (DYDX) tokens valued at $2.64 million, 192,888 Axie Infinity tokens worth $1.05 million, and 5,858 Aave tokens totaling $522,000.
This activity follows several wallet changes related to FTX over the past week, during which millions of dollars in various cryptocurrencies were deposited into different exchanges. On October 31, 1.6 million Solana tokens, worth $56 million, were unstaked and transferred to an unknown wallet. Additionally, $32 million worth of 930,000 SOL tokens linked to FTX and Alameda were sent to another unidentified wallet, which is presumed to be associated with Galaxy Digital, the firm responsible for the liquidation process.
Data aggregated by Spotonchain reveals that a total of $78 million worth of assets have been transferred from FTX and Alameda wallets to cryptocurrency exchanges over the past week.
These transfers are part of a court-ordered phased liquidation process initiated by FTX, allowing the sale of over $3 billion in digital assets in weekly installments through investment advisers, operating under predetermined guidelines. The phased liquidation allows FTX to sell $50 million in assets each week, with a capped total of $100 million in the coming weeks. This cap may be raised to $200 million per week with the consent of the Committee of Creditors and the Special Committee, pending court approval.
