FTX and Alameda Transfer $28 Million to Exchanges Amid Bankruptcy
Date: 2024-01-15 Author: Dima Zakharov Categories: BUSINESS
Cryptocurrency Transfers:
The transfers included Wrapped Bitcoin (WBTC) worth $18.7 million, Ether valued at $8 million, and Pendle (PENDLE) worth $1 million, all sent to Coinbase and Binance. This shift is attributed to the surge in digital asset prices.
FTX and Alameda Research initiated transfers totaling $11.72 million, including:
1. $9.39 million in WBTC to Binance at a price of $46,952.
2. $2.33 million in ETH to Coinbase at a rate of $2,330.
Meanwhile, Celsius Network unstaked and transferred 10,000 ETH ($23.39 million) to Coinbase and FalconX at an average price of $2,339 per ETH. Celsius still holds 556,927 ETH ($1.28 billion) and plans to distribute existing ETH assets to creditors.
Bankruptcy and Asset Recovery:
FTX declared bankruptcy in November 2022 and subsequently aimed to gather funds to repay creditors. Administrators successfully recovered approximately $7 billion in assets, with a significant portion being in cryptocurrency. Creditors' claims against FTX have increased in value, and payouts are expected to begin in 2024.
Recent Trends:
Companies navigating bankruptcy proceedings have been actively moving their cryptocurrency reserves to exchanges. Celsius, another crypto lender undergoing bankruptcy, recently transferred over $125 million worth of ETH to crypto exchanges as part of its plans to initiate creditor payments.
