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.

The 3 addresses related to FTX/Alameda transferred 69.64M $USDT to the address "0xad6e", among which 43M $USDT was transferred to #Coinbase, #Binance and #Kraken.

And transferred 75.94M $USDC to #Coinbase Custody Wallet. pic.twitter.com/MqvCA87ItD

— 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.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.