FTX & Alameda Move Colossal Amounts Of Assets To Binance, Coinbase, & FalconX

Coingapestaff
February 6, 2024
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Coinbase CLO Slams US SEC for Stopping FTX On Crypto Repayments

Highlights

  • FTX & Alameda moved out eight cryptos to three CEXs.
  • The fallen crypto exchange appears to have offloaded significant amounts of assets this week.
  • Sam-Bankman Fried's recent legal developments spotlights his parents.

In a thrilling twist of events, FTX, a fallen crypto exchange, and its backstop liquidity provider Alameda, recently shifted staggering amounts of 8 digital assets to CEXs Coinbase, Binance, and FalconX. As per insights offered by SpotOnChain, these assets encompassed $3.2 million worth of ETH, ALPHA, POWR, SNT, OXT, RLC, NMR, and NEXO, shifted to some of the most renowned exchanges globally. Meanwhile, the transactions surfaced over the crypto horizon today, February 6.

Among these assets, 1K ETH, $worth 2.3 million, was shifted to Coinbase, whereas 4.43 million ALPHA, worth $411K, was shifted to Binance. Meanwhile, $609K worth of POWR, SNT, OXT, RLC, NMR, and NEXO were moved to Coinbase and FalconX, garnering noteworthy attention among prominent crypto investors and traders.

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FTX & Alameda’s Offloading Continues

Intriguingly, amid the recent heightened volatility witnessed across the broader crypto market, Sam Bankman-Fried’s FTX appears to have continued to move tokens to CEXs. As per blockchain data, the two entities offloaded a staggering $15.1 million worth of 21 digital assets over the past week. Among these assets, apart from the eight mentioned above, TLM, DENT, LOOKS, DODO, FRONT, LINA, REEF, HBTC, SD, GFI, ALCX, and FTM were transferred in colossal amounts to Binance, Coinbase, FaclonX, and Wincent. Notably, the two entities also incinerated TONCOIN worth $1.03 million, birthing additional inferences.

Meanwhile, the asset transfers made by FTX and Alameda come as a result of Sam Bankman and his exchange’s noteworthy fall, resulting in a legal ruling faced by the parties to repay its creditors. Following this, FTX and Alameda’s transfer of assets to CEXs emerged as a recurring phenomenon within the crypto realm.

Also Read: Ripple Dumps 120 Mln XRP After SEC Gains Upper Hand In Legal Quandary

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Sam Bankman Fried’s Recent Legal Chronicle

In a gust of significant breakthroughs witnessed in Sam-Bankman Fried’s legal saga in recent days, the fallen entrepreneur’s parents, Joseph Bankman and Barbara Fried, appealed to the court to dismiss a lawsuit orbiting the fallen crypto exchange’s intentions to recover funds it alleges were transferred illegitimately. Concerning this, FTX previously sought to recover millions of dollars from Sam’s parents.

Also Read: MicroStrategy Earnings: Michael Saylor Hints At Revealing MSTR’s Bitcoin Strategy

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.