The Fall of a Crypto Giant: FTX and Alameda Research's Ongoing Asset Transfers - Latest cryptocurrency news

The Fall of a Crypto Giant: FTX and Alameda Research’s Ongoing Asset Transfers

FTX, once one of the largest cryptocurrency exchanges, along with its affiliate Alameda Research, has conducted significant transfers of crypto funds. According to data provided by on-chain data analysis firm Lookonchain, FTX and Alameda Research moved $23.59 million worth of crypto assets in 19 token transactions to various leading crypto exchanges. This major movement took place over the last four days.

FTX and Alameda Research continue making payments to their creditors. Since October 24, approximately $550 million worth of cryptocurrency has been moved to repay investors. Among the transferred assets were 3,150 ETH (valued at $6.8 million), 3.60 million CRV ($2.48 million), 33,388 AVAX ($990,000), and 50,282 LINK ($848,000).

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In addition, the transfer included other altcoins. The total value of these altcoins was about $6.07 million, covering 14 other altcoins. Other cryptocurrencies moved include PUNDIX, RSR, DOGE, BCH, AXS, MATIC, UNI, FXS, DOT, GMT, 1INCH, and SOL.

The active continuation of this process by FTX and Alameda Research is seen as part of a broader market movement. During this process, a unique transaction involving 74 different tokens, marking an incredible amount of approximately $591 million, was carried out.

FTX had offered to recover up to 90% of the creditor assets held in the exchange before the applications made after its collapse last November. As of today, the creditor group managing the bankruptcy process will make an application by December 16, 2023, and will officially submit it for review in the US Bankruptcy Court.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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