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

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

Published

2 years ago

February 6, 2024

Dripp

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.

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

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

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