According to reports, stablecoins worth approximately $145 million have been transferred to various cryptocurrency exchange platforms by wallet addresses associated with the defunct cryptocurrency exchange FTX and its subsidiary, Alameda Research.
Three crypto wallets, believed to be connected to FTX and Alameda Research, moved 69.64 million Tether (USDT) and 75.94 million US Dollar Coin (USDC) to several crypto exchanges.
The 3 addresses related to FTX/Alameda transferred 69.64M $USDT to the address “0xad6e”, among which 43M $USDT was transferred to #Coinbase, #Binance and #Kraken.
And transferred 75.94M $USDC to #Coinbase Custody Wallet. pic.twitter.com/MqvCA87ItD
— Lookonchain (@lookonchain) March 14, 2023
Lookonchain reported that 69.64 million Tether ($USDT) was initially sent to the address “0xad6e,” and later, 43 million Tether was transferred to wallets on Coinbase, Binance, and Kraken. The 75.94 million USDC was transferred to a Coinbase Custody Wallet.
FTX’s alleged transfer of these crypto assets has sparked various reactions. Some speculate that FTX CEO Sam Bankman-Fried (SBF) intends to use the funds to repay investors and recover lost funds, while others believe that the wallet addresses should be blocked until all investor payments are processed.
Why aren’t these addresses being blacklisted yet? You would think these addresses would be frozen until that all shakes out.
— pOnZi bOi 🐧 (@Here4ThePonzi) March 14, 2023
FTX and Alameda are working towards recovering their assets as they face requests to repay different investor groups. In January 2023, FTX’s lawyer Andy Dietderich disclosed that the exchange had recovered $5 billion in cash and liquid coins by January 2023, but its overall liabilities exceeded $8.8 billion.
Though the overall liabilities are more than $8.8 billion, there had been plans to sell $4.6 billion worth of non-strategic investments, as well as subsidiaries like FTX Europe, FTX Japan, and LedgerX.
As part of efforts to refund investors, Alameda Research reportedly sold its last remaining stake in the startup capital firm Sequoia Capital for $45 million to the Abu Dhabi sovereign wealth fund.
It is worth noting that FTX Group announced its voluntary Chapter 11 bankruptcy filing in the United States on November 11, 2022. The event, which shook the entire industry, could not have been predicted because the exchange, like Binance, was a global cryptocurrency exchange with a CEO who was regarded as a powerful figure in the sector and a crypto expert.
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