FTX is Liquidating Millions of Dollars in Altcoins Amid Legal Battle
Bankrupt crypto exchange FTX, along with its liquidity provider Alameda, have been transfering significant amounts of crypto to Coinbase, Binance, and FalconX.
According to SpotOnChain data, these assets, including ETH, ALPHA, POWR, SNT, OXT, RLC, NMR, and NEXO, totaled $3.2 million and attracted attention within the crypto community when the transactions occurred on February 6.
Among the assets moved, 1K ETH, valued at $2.3 mill§ion, went to Coinbase, while 4.43 million ALPHA, worth $411K, were sent to Binance. Additionally, $609K worth of POWR, SNT, OXT, RLC, NMR, and NEXO were divided between Coinbase and FalconX, further adding to the interest of crypto investors and traders.
Continuing a trend, FTX and Alameda have been observed transferring tokens to exchanges amid recent market volatility. Over the past week, they moved a substantial $15.1 million worth of 21 digital assets, including TLM, DENT, LOOKS, DODO, FRONT, LINA, REEF, HBTC, SD, GFI, ALCX, and FTM, to platforms such as Binance, Coinbase, FalconX, and Wincent. Notably, they also liquidated TON valued at $1.03 million.
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These transfers follow legal challenges faced by Sam Bankman-Fried and FTX, stemming from the exchange’s financial difficulties. Consequently, asset transfers to exchanges have become a recurring theme.
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.
