Notable Crypto Transfers Raise Questions About FTX and Alameda Research Wallets

Notable Crypto Transfers Raise Questions About FTX and Alameda Research Wallets

In a recent series of significant transactions, cryptocurrency wallets associated with the now-defunct crypto exchange FTX and its affiliated trading firm, Alameda Research, have made headlines by sending over $13 million in various altcoins to multiple cryptocurrency exchanges as of November 1st, according to insights from on-chain analysis firm Spot On Chain.

The movement of funds commenced with an $8.12 million transfer of altcoins to Coinbase from the FTX wallet. This transfer included assets such as 46.5 million of The Graph's GRT, valued at $4.85 million, 972,073 Render (RNDR) tokens amounting to $2.3 million, and 708.1 Maker MKR tokens totaling $967,000.

Subsequently, the wallet addresses associated with FTX and Alameda Research executed another significant transfer, amounting to $5.49 million, to cryptocurrency exchanges Binance and Coinbase, with the top three assets by value in this transaction being 1.14 million dYdX (DYDX) tokens valued at $2.64 million, 192,888 Axie Infinity tokens with a total worth of $1.05 million, and 5,858 Aave tokens amounting to $522,000.

It's worth noting that prior to the November 1st transaction, the crypto analytics firm Nansen had flagged multiple movements of FTX-linked wallets over the past week. These movements involved the deposit of millions in various cryptocurrencies on various crypto exchanges. Initially, an $8.1 million batch of altcoins was transferred to Binance, and Nansen estimated that an additional $24.3 million worth of assets originating from wallets linked to FTX and Alameda were deposited into both Binance and Coinbase.

The intrigue deepened with actions on October 31st when FTX transferred 1.6 million Solana's SOL tokens, valued at $56 million, which had been previously unstaked and sent to an undisclosed wallet. Another 930,000 SOL tokens, worth $32 million and associated with FTX and Alameda, were moved to another unknown wallet, suspected to be connected to Galaxy Digital, the designated firm responsible for the liquidation process.

Cumulative data compiled by Spotonchain suggests that a staggering $78 million worth of assets have been dispatched to cryptocurrency exchanges from FTX and Alameda wallets over the course of a single week. These substantial movements have raised questions within the crypto community, prompting discussions on the motivations and potential implications behind these transactions.

Also Read: Bitcoin Surges to All-Time Highs Against Inflation-Hit Fiat Currencies

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