The head of FTX’s administration, John J. Ray III, has been attempting to recover assets.
Eight tokens were used in the most recent $10.8 million transfer.
Using eight different cryptocurrencies, wallets associated with the now-defunct FTX exchange and its subsidiary Alameda Research sent $10.8 million to Binance, Coinbase, and Wintermute accounts.
Spot On Chain, a blockchain research organization, saw the transaction and estimated that the organizations had moved $551 million using 59 distinct cryptocurrency tokens since October 24. Eight tokens were used in the most recent $10.8 million transfer.
The FTX and Alameda wallets sent $10 million to a single address on October 24th; Binance and Coinbase received the funds thereafter. The parties engaged in a comparable transaction on November 1st, transferring $13.1 million to Binance and Coinbase accounts.
Recovery Attempts
The head of FTX’s administration, John J. Ray III, has been attempting to recover assets since the downfall in November 2022. Additionally, the proceeds from the sale will be used to compensate creditors who were impacted by the 2022 collapse of the exchange.
When the FTX and Alameda Research started the process of recovering assets for investors in March, the funds started moving. Coinbase, Binance, and Kraken were among the exchanges that three wallets linked to FTX and Alameda Research transferred Stablecoins valued at $145 million to.
Custodial wallets on cryptocurrency exchanges received $69.64 million in Tether (USDT), while a Coinbase custodial wallet received the remaining 75.94 million USDC. At the time, the FTX had more than $5 billion in liquid assets, including cash and cryptocurrencies, but its total liabilities were more than $8.8 billion.
On November 29, the sale of trust assets held by the now-defunct cryptocurrency exchange FTX, valued at around $873 million, was authorized by the bankruptcy court in Delaware.