According to the latest on-chain data, wallet addresses linked to the now-bankrupt FTX exchange and Alameda Research transferred significant amounts of crypto assets over the past week. This series of fund moves was first highlighted by prominent blockchain analytics firm Nansen, which reported that more than $60 million had been moved.
However, further disclosures to the chain show that nearly $80 million has been moved from FTX and Alameda-linked addresses in the past week.
Nansen unveils $60 million transfer from FTX and Alameda
On Friday, October 27, Nansen – via a series of posts about X (formerly Twitter) – that FTX transferred millions in digital assets, including Chainlink (LINK), Solana (SOL), Ethereum (ETH), Polygon (MATIC), etc., to various exchange addresses.
Prior to this development, the analytics firm initially reported that approximately $8.6 million had been moved to a Binance address. According to the latest Nansen data, FTX subsequently moved $24.3 million worth of various tokens to different addresses on Coinbase and Binance.
Additionally, 943K SOL (just under $32 million) has been moved from the FTX Cold Storage wallet
This is the address: 9uyDy9VDBw4K7xoSkhmCAm8NAFCwu4pkF6JeHUCtVKcX
That means the total amount moved out of the FTX and Alameda portfolios this week currently exceeds $60 million. pic.twitter.com/yNgakImsoV
— Nansen 🧭 (@nansen_ai) October 27, 2023
The now-defunct exchange was expected to transfer 943,000 SOL (worth about $32 million) from its cold storage portfolio later on Friday. Based on Nansen’s data as of Oct. 27, the total amount moved out of the FTX and Alameda portfolios was more than $60 million.
Have there been more transfers?
On Saturday, October 28, another blockchain data tracker, Lookonchain, provided an update on the recent transfer activity of the FTX and Alameda associated addresses. In a post on the X platform, the analytics platform revealed that FTX and Alameda moved another $20 million in crypto 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), 3.82 Perpetual Protocol tokens (worth approximately $2.3 million) , among other crypto assets. Using Lookonchain data, this brings the total value FTX achieved 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 exchange’s bankruptcy proceedings. And it comes after the FTX estate recently staked $122 million worth of Solana tokens.
FTX Exchange has been trying to wrap up its ongoing Chapter 11 lawsuit, with a recent proposal to offer customers more than 90% of their missing assets by the end of the second quarter of 2024. Meanwhile, former CEO Sam-Bankman Fried is currently on trial for seven days. of fraud-related crimes.
Solana price at $32.30 on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from iStock, chart from TradingView