In the most recent on-chain data analysis, it has come to light that wallet addresses associated with the now-bankrupt FTX exchange and Alameda Research have executed substantial transfers of cryptocurrency assets in the past week.
The trail of funds was initially unveiled by the prominent blockchain analytics firm, Nansen, which reported a staggering $60 million in assets on the move.
However, subsequent on-chain investigations indicate that close to $80 million has been shifted from addresses linked to FTX and Alameda in the preceding week.
Nansen Exposes FTX and Alameda’s $60 Million Transfer
On Friday, October 27, Nansen made a significant revelation on X (formerly known as Twitter) by disclosing that FTX had been orchestrating sizable transfers of digital assets, including tokens like Chainlink (LINK), Solana (SOL), Ethereum (ETH), Polygon (MATIC), among others, to multiple exchange addresses.
Before this development, the analytics firm initially reported an $8.6 million transfer to a Binance address. The latest data from Nansen reveals that FTX subsequently moved $24.3 million in various tokens to different addresses on Coinbase and Binance.
Furthermore, the now-defunct exchange executed a transfer of 943,000 SOL, valued at approximately $32 million, from its cold storage wallet on that same Friday. As of October 27, based on Nansen’s data, the cumulative value of funds shifted from FTX and Alameda-linked wallets had exceeded $60 million.
Have There Been More Transfers?
On Saturday, October 28, another blockchain data tracking entity, Lookonchain, provided an update on the recent transfer activities involving FTX and Alameda-associated addresses. In a post on the X platform, the analytics platform disclosed that FTX and Alameda had moved an additional $20 million in cryptocurrency assets on that Saturday.
According to Lookonchain, FTX addresses orchestrated transfers of 309,185 SOL (equivalent to around $10 million), 2 million Band Protocol tokens (equivalent to $3.15 million), 3.82 Perpetual Protocol tokens (with an approximate value of $2.3 million), and other cryptocurrencies. Based on Lookonchain’s data, this week’s total value moved by FTX amounts to a staggering $78.7 million.
The reasons behind these transfers remain shrouded in mystery, leaving questions regarding their connection to the exchange’s bankruptcy proceedings. These actions occurred in the wake of the FTX estate’s recent staking of Solana tokens worth $122 million.
FTX exchange has been actively working to resolve its ongoing Chapter 11 court case, offering a recent proposal that promises customers more than 90% of their missing assets by the end of Q2 2024. Concurrently, former CEO Sam-Bankman Fried is currently facing a trial involving seven counts of fraud-related offenses.