FTX drops $13 million to cryptocurrency exchanges

FTX drops $13 million to cryptocurrency exchanges

The payment is part of a planned reimbursement following the platform’s collapse

Crypto wallets linked to the now-bankrupt FTX crypto exchange and sister firm Alameda Research have transmitted more than $13 million in various altcoins to multiple crypto exchanges as of November 1.

Data from on-chain analysis company Spotonchain indicates the FTX wallet initially transferred $8.12 million in altcoins to Coinbase, including 46.5 million of The Graph’s GRT ($4.85 million), 708.1 Maker ($967,000) and 972,073 Render (RNDR) worth $2.3 million.

FTX and Alameda Research wallets made another $5.49 million transfer three hours later to Coinbase and Binance, with the highest value transactions being 5,858 Aave ($522,000), 192,888 Axie Infinity ($1.05 million), and 1.14 million dYdX (DYDX) valued at $2.64 million.

In the week leading up to November 1, crypto analytics company Nansen showed several FTX-linked wallet activities, with millions in deposits of various cryptocurrencies on several exchanges. The first was $8.1 million in altcoins that were moved to Binance. Nansen calculated that an additional $24.3 million in assets had been transferred from FTX and Alameda-linked wallets to Binance and Coinbase.

FTX linked 1.6 million in Solana SOL tokens worth $56 million on October 31 that were unstaked and transferred to an anonymous wallet. About 930,000 in SOL tokens linked to FTX and Alameda worth $32 million were moved to another unknown wallet thought to be connected to Galaxy Digital, the firm responsible for the liquidation process.

Spotonchain indicates that $78 million in total assets were sent by FTX and Alameda to crypto exchanges during the past week. The process permits FTX to sell $50 million in assets weekly, with a $100 million cap in subsequent weeks, which can be increased to $200 million with creditor committee and court approval.

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