According to the latest on-chain data, wallet addresses linked to the now-bankrupt FTX exchange and Alameda Research have transferred significant amounts of crypto assets over the past week. This chain of money movement was first highlighted by prominent blockchain analytics firm Nansen, which reported that more than $60 million had been moved.
However, additional on-chain disclosure shows that nearly $80 million worth of addresses linked to FTX and Alameda were transferred in the previous week.
Nansen reveals $60 million transfer of FTX and Alameda
On Friday, October 27, Nansen revealed – via a series of posts on the X website (Formerly Twitter) – FTX has transferred millions of digital assets, including Chainlink (LINK), Solana (SOL), Ethereum (ETH), Polygon (MATIC), etc., to various exchange addresses.
Prior to this development, the analytics company initially reported that around $8.6 million had been transferred to the Binance address. According to Nansen’s latest data, FTX then transferred $24.3 million worth of various tokens to different addresses on Coinbase and Binance.
In addition, 943 thousand soles (just under $32 million) were transferred from the FTX Cold Storage wallet.
This is the address: 9uyDy9VDBw4K7xoSkhmCAm8NAFCwu4pkF6JeHUCtVKcX
This means that the total funds transferred from FTX and Alameda wallets this week currently stand at more than $60 million pic.twitter.com/yNgakImsoV
– Nansen 🧠(@nansen_ai) October 27, 2023
The now-defunct exchange will transfer 943,000 soles (worth about $32 million) from its cold storage wallet on Friday. Based on Nansen data as of October 27, the total funds transferred from FTX and Alameda wallets exceeded more than $60 million.
Were there more transfers?
On Saturday, October 28, another blockchain data tracker, Lookonchain, offered an update on recent transfer activities for addresses associated with FTX and Alameda. In a post on Platform X, the analytics platform revealed that FTX and Alameda moved an additional $20 million in cryptocurrency assets on Saturday.
FTX assets transfer in the past week | Source: Lookonchain/x
According to Lookonchain, FTX addresses transferred 309,185 SOL (worth approximately $10 million), 2 million Band Protocol tokens (equivalent to $3.15 million), and 3.82 Permanent Protocol tokens (worth approximately $2.3 million), among other crypto assets. Using Lookonchain data, this brings the total value FTX moved this week to $78.7 million.
While the purpose of these transfers is unknown, it remains to be seen whether they are related to the stock exchange’s bankruptcy proceedings. This comes after FTX recently staked $122 million worth of Solana tokens.
The FTX exchange is looking to wrap up its pending Chapter 11 court case, with a recent proposal to offer clients more than 90% of their lost assets by the end of the second quarter of 2024. Meanwhile, former CEO Sam-Bankman Fried is currently on trial on seven charges. . Of crimes related to fraud.
Solana price at $32.30 on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from iStock, chart from TradingView