- November 3, 2023
- Posted by: [email protected]
- Category:
In a court-ordered liquidation process, FTX has initiated the sale of approximately $3.4 billion worth of cryptocurrency assets in weekly installments, commencing at $50 million per week. As part of this ongoing process, wallets associated with the now-defunct cryptocurrency exchange FTX and its sister company, Alameda Research, have transferred over $13 million in various alternative cryptocurrencies to multiple crypto exchanges as of November 1.
Data obtained from the on-chain analysis firm Spotonchain reveals that the FTX wallet was the first to move, transferring $8.12 million worth of alternative cryptocurrencies to Coinbase. This transfer included 46.5 million of The Graph’s GRT tokens valued at $4.85 million, 972,073 Render (RNDR) tokens valued at $2.3 million, and 708.1 Maker tokens valued at $967,000.
Subsequently, FTX and Alameda Research wallet addresses conducted another transfer of $5.49 million after three hours, directing funds to Binance and Coinbase. The top three assets involved in this transaction included 1.14 million dYdX (DYDX) tokens worth $2.64 million, 192,888 Axie Infinity tokens valued at $1.05 million, and 5,858 Aave tokens valued at $522,000.
Leading up to the movement of $13.1 million on November 1, the crypto analytics firm Nansen had identified several wallet movements linked to FTX during the previous week. These movements involved deposits of millions in various cryptocurrencies onto different crypto exchanges. Initially, an $8.1 million batch of alternative cryptocurrencies was sent to Binance. Nansen estimated that an additional $24.3 million worth of assets, originating from wallets associated with FTX and Alameda, were deposited into Binance and Coinbase.
On October 31, FTX transferred 1.6 million Solana (SOL) tokens, with a total value of $56 million, to an unknown wallet after unstaking them. Furthermore, another 930,000 SOL tokens worth $32 million, linked to FTX and Alameda, were transferred to another unidentified wallet, which has been speculated to be connected to Galaxy Digital, the official firm designated to oversee the liquidation process.
Despite the ongoing liquidation process, FTX-linked wallets have continued to transfer their holdings of alternative cryptocurrencies to various crypto exchanges over the past month. The court order allows FTX to sell digital assets exceeding $3 billion through an investment advisor, with sales taking place weekly and starting at $50 million. These weekly sale limits can be raised to $100 million and potentially up to $200 million per week, subject to creditor committee consent and court approval. The phased liquidation is well underway, and FTX is meticulously executing the process as per the court’s instructions.
