According to recent data, FTX and Alameda Research have been actively transferring significant amounts of cryptocurrency to major exchanges. The data, provided by Spot On Chain, reveals that addresses related to FTX and Alameda transferred a total of $13.6 million to Binance and Coinbase.
The transferred amount includes a variety of cryptocurrencies: $2.64 million in DYDX, $1.05 million in AXS, $520k in AAVE, $4.85 million in GRT, $2.3 million in RNDR, and $967k in MKR. These transactions indicate a significant movement of assets from FTX and Alameda Research to these exchanges.
Lehman brothers moment for crypto
In addition to these transfers, it has been reported that FTX and Alameda Research have deposited 26 EVM tokens with a total value of $83.6 million to the exchange. This suggests a substantial level of activity between these entities and the exchanges.
These transactions come amidst a backdrop of significant events in the cryptocurrency industry involving FTX and Alameda Research.
For instance, FTX, once valued at $32 billion, filed for bankruptcy, leading to what some have called the “Lehman Brothers Moment” for crypto.
Reasons behind transfers are not entirely clear
Sam Bankman-Fried, the founder of FTX and Alameda Research, became a prominent figure in the crypto space while amassing a net worth of $26.5 billion at the peak of his wealth. However, the collapse of FTX has shaken up the entire crypto space, leading to investigations by Congress and the SEC.
— Spot On Chain (@spotonchain) November 1, 2023
While these transactions are significant, it’s important to note that the reasons behind them are not entirely clear. They could be part of a strategy to liquidate assets to pay back creditors or simply transfers for custodial services. As such, these movements should be viewed within the context of ongoing developments in the cryptocurrency industry involving FTX and Alameda Research.