FacebookTwitterLinkedInTelegramCopy LinkEmail

FTX-Associated Wallets Shift Millions in Crypto

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.

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.

READ MORE: Bitcoin: Unexpected 17% Surge Wipes Out Weekend Losses

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.