FTX and Alameda linked wallets transfer $10M of crypto to exchanges in just 5 hours

Wallets linked to bankrupt crypto firms Alameda Research and FTX transferred over $10 million worth of cryptocurrency to exchange deposit accounts in five hours on October 24-25, according to data from blockchain analytics platform Spot On Chain. The movement of these funds may indicate that the firms plan to sell some assets to pay back creditors.

According to Spot on Chain data, an address listed as “likely” belonging to FTX transferred 2,904 Ether (ETH), worth over $5 million at the time, to address 0xde9a61c2b776e2f4c6ddb0c9ad5ccfcfc15b0a9b at 8:18 pm UTC on October 24. This address sent $3.4 million of the funds to a Binance deposit address and $1.8 million to a Coinbase deposit address. Thirty-nine minutes later, a wallet identified as belonging to Alameda Research sent $95 worth of tokens to this address, including some Chainlink (LINK), MakerDAO (MKR), and Aave (AAVE) tokens.

Related: FTX’s Sam Bankman-Fried will testify at criminal trial, say defense lawyers

Over the next five hours, an additional $5 million worth of cryptocurrency was sent into this address by FTX and Alameda wallets, including some Compound (COMP) and Render (RNDR) tokens. At approximately 2:00 am UTC on October 25, this address sent approximately $2 million worth of LINK, $2 million worth of MKR, and $1 million worth of AAVE to a Binance deposit address. The total value of cryptocurrency sent to exchange deposit addresses during this period was $10,362,403, according to Spot on Chain data.

On September 13, a Delaware Bankruptcy Court approved a plan to liquidate $3.4 billion worth of crypto assets that FTX and Alameda Research held. The announcement sparked fears that liquidating such a large amount of crypto may cause a slump in the market. However, experts have argued that the gradual, phased nature of the liquidation should limit its influence on the market.

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