FTX and Alameda Divest $36 Million Worth of These Assets

FTX and Alameda have been actively divesting their holdings. Within the past 24 hours, both entities have transferred $36.01 million worth of MATIC and AVAX to various exchanges.

This is a testament to their ongoing commitment to reaching settlements with creditors amidst the twists and turns of the bankruptcy battle.

FTX Selling Spree Continue

Based on Spot on Chain analytics, FTX deposited $36.01 million worth of MATIC and AVAX to different exchanges within 24 hours. Out of this total, Coinbase and FalconX received 22.6 million MATIC valued at $17.2 million, while FalconX alone obtained 975,859 AVAX with a value of $18.83 million.

Note that #FTX and #Alameda further deposited $36.01M worth of $MATIC and $AAVX to exchanges in the past 24 hours:
22.6M $MATIC ($17.2M) to #Coinbase and #FalconX
975,859 $AVAX ($18.83M) to #FalconX
Overall, FTX and Alameda have transferred out $488M worth of 48 tokens…
— Spot On Chain (@spotonchain) November 22, 2023

On Nov. 21, accounts associated with the defunct exchange FTX transferred approximately $3.16 million worth of Ethereum to the troubled former rival Binance. The transaction was facilitated through Wintermute Trading.

Notably, they conducted test deposits on Nov. 21 to the digital asset trading platform FalconX as a preliminary step towards subsequent asset transfers.

Additionally, on Nov. 17, FTX and Alameda-related addresses unstaked 11.5 million MATIC, valued at $9.24 million.

FTX has effectively transferred $488 million across 48 distinct tokens since Oct. 24, indicating a marginal increase from Monday’s closing sum of $452 million.

Based on the data, SOL has been the most transferred asset in the period, with about 6.9 million tokens worth $280.2 million moving between wallets. Others include ETH, MATIC, RNDR, LINK, DYDX, GRT, LDO, MKR, MANA, BAND, CHZ, SUCHI, ENS, MASK and more in that order.

The recent continuous asset sale is part of FTX’s plan to settle its debts. A report indicates that some FTX creditors have recently been offered as much as $0.6 to $0.65 on the dollar, a 30% increase from what they were presented in October.

FTX Case Taking Complex Twists

FTX court dispute continues with more recent developments. A few days ago, the attorney for Brandon Williams, one of the defendants in the FTX saga, asked a Delaware court to delay the ongoing bankruptcy proceedings for more investigations on why the exchange ran insolvent. The defendant seeks to look at the events between November 2021 and October 2022 that led to the demise of FTX.

However, Judge John Dorsey outrightly denied the motion, noting, “If the discovery is as complex as it is said to be, it needs to be started now, not delayed.”

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2023-11-23 02:22