FTX and Alameda Transfer $14.4M In Tokens To Repay Creditors

FTX and Alameda transferred $10.39M in MATIC, BAND, and PERP Tokens to Exchanges on October 28.
FTX and Alameda Transfer $14.4M in Tokens to Repay Creditors

Crypto firms FTX and Alameda Research have transferred $14.4 million in tokens to centralized exchanges like Binance and Coinbase. 

These tokens include MATIC, BAND, PERP, TRU, BICO, KNC, CVC, and BOND, with MATIC, BAND, and PERP totaling $10.39 million as of October 28.

So far, they have moved around $47.3 million in 20 different Ethereum Virtual Machine (EVM) tokens to various exchanges. Despite these transfers, they still hold $736 million in EVM assets.

The transfers started on October 25, with funds moving to exchanges. The tokens included ETH, MKR, AAVE, and LINK, worth $10.51 million. Subsequent transfers continued from October 25 onwards.

On October 26, they sent 21,967 COMP worth $1.01 million and 974,270 RNDR worth $2.04 million to Binance via Wintermute. On October 27, they moved another $6.5 million in UNI, DYDY, SUSHI, and LDO with plans to send them to exchanges.

This reallocation of funds is part of their plan to sell digital assets to repay creditors. In 2022, Alameda used FTX customer funds to pay off $10 billion in loans. Former FTX CEO Sam Bankman-Fried claimed this was legal in his recent testimony.

FTX and Alameda Research’s token transfers raise questions about their financial strategy and past controversies in repaying creditors, requiring closer scrutiny.

Also Read: FTX and Alameda Move $8.6M in Crypto to Binance

Related Posts