FTX-Associated Wallets Shift Millions in Crypto
Blockchain tracking firm Lookonchain has discovered that three crypto wallets linked to the FTX exchange and its trading arm Alameda have moved more than $100 million worth of stablecoins to major exchanges.
The wallets transferred $69.64 million worth of Tether (USDT) to one address, sending $43 million worth of USDT to Coinbase, Binance, and Kraken. In addition, the wallets sent $75.94 million worth of Circle’s stablecoin, US Dollar Coin (USDC), to a Coinbase Custody wallet.
Lookonchain emphasized that these wallets are significant because they were used to collect all FTX/Alameda assets after the exchange’s collapse in 2022.
— Lookonchain (@lookonchain) March 14, 2023
Last November, FTX filed for bankruptcy and halted customer withdrawals after its native asset crashed. Former FTX CEO Sam Bankman-Fried is currently facing charges of defrauding investors and mishandling customer assets.
The movement of such a significant amount of funds from the wallets has raised questions about the potential impact on the broader crypto market and the reasons for the transfers.
Some analysts speculate that the wallets may sell off assets to cover expenses or pay back creditors. Others suggest that the transfers could be part of a larger plan to relaunch the exchange or to establish a new platform.
However, there is no official statement from FTX or Alameda regarding the transfers.
Overall, the movement of funds from FTX-related wallets highlights the ongoing challenges and risks associated with the cryptocurrency industry, particularly regarding security, regulation, and transparency.