Millions in Altcoins Sent from FTX and Alameda Research Wallets to Exchanges

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Crypto wallets associated with the now-defunct crypto exchange FTX and its sister company Alameda Research have moved a significant amount of altcoins, sending a total of $13.1 million to various crypto exchanges overnight, on November 1.

Data provided by the on-chain analysis firm Spotonchain reveals an FTX wallet first transferred altcoins worth $8.12 million to the major US-based exchange Coinbase.

The assets involved in this transfer include 46.5 million of The Graph’s GRT, valued at $4.85 million, 972,073 Render (RNDR) tokens worth $2.3 million, and 708.1 of Maker’s MKR tokens valued at $967,000.

Subsequently, wallet addresses labelled as belonging to FTX and Alameda Research initiated another transfer, sending $5.49 million to Binance and Coinbase, three hours later.

The top three assets in this transaction, by value, are 1.14 million dYdX (DYDX) tokens worth $2.64 million, 192,888 Axie Infinity (AXS) tokens valued at $1.05 million, and 5,858 Aave (AAVE) tokens valued at $522,000.

Data collected by Spotonchain indicates that a total of $78 million worth of assets have been transferred from FTX and Alameda wallets to various cryptocurrency exchanges over the past week.

#FTX and #Alameda Research further deposited $5.49M worth of 6 assets $AAVE, $ALICE$AXS, #C98, $DYDX, $ZRX, to #Binance and #Coinbase ~30 mins ago.

Top 3 include:
1.14M $DYDX ($2.64M)
192,888 $AXS ($1.05M)
5,858 $AAVE ($522K)

Overall, #FTX and #Alameda Research have… https://t.co/Rw0PnalH6Gpic.twitter.com/JPbIXZJPzv

— Spot On Chain (@spotonchain) November 1, 2023

The news follows a report from last week that $19 million worth of crypto had been sent from FTX to exchanges.

Back then, on-chain analytics firm Peckshield reported that around 470,000 SOL tokens, with a value of around $15.5 million, had been moved to different wallets, with some of the funds finding their way to wallets belonging to “CEXs like Binance.”

Weekly selling cap of $50 million

The court overseeing the FTX bankruptcy has allowed the estate to sell crypto worth north of $3 billion in weekly batches of around $50 million with the help of an investment advisor.

The weekly max selling cap is expected to increase to $100 million in the coming weeks, and can later be increased against to $200 million per week.

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