FTX and Alameda Research wallets send $13.1M in crypto to exchanges overnight

A court-ordered liquidation process allows FTX to sell nearly $3.4 billion worth of crypto assets in weekly batches starting from $50 million a week.

The crypto wallets linked to now-defunct crypto exchange FTX and its sister trading firm Alameda Research have sent over $13 million in different altcoins to numerous crypto exchanges early on Nov. 1.

According to data from on-chain analysis firm Spotonchain, the FTX wallet first transferred $8.12 million worth of altcoins to Coinbase. The assets include 46.5 million GRT ($4.85 million), 972,073 RNDR ($2.3 million), and 708.1 MKR ($967,000).

FTX and Alameda linked crypto deposit on Coinbase. Source: SOC

The wallet addresses of FTX and Alameda Research made another $5.49 million transfer after three hours to Binance and Coinbase. The top 3 assets with the highest value in this transaction include 1.14 million DYDX ($2.64 million), 192,888 AXS ($1.05 million), and 5,858 AAVE ($522,000).

Related: FTX’s Sam Bankman-Fried will testify at criminal trial, say defense lawyers

Prior to the $13.1 million funds movement on Nov.1, crypto analytic firm Nansen has flagged several FTX-linked wallet movements over the past week, which saw the deposit of millions in various cryptocurrencies on different crypto exchanges. First, a batch of $8.1 million worth of altcoins was moved to Binance; Nansen estimated that another $24.3 million worth of assets that have left wallets linked to FTX and Alameda were deposited into Binance and Coinbase.

On Oct. 31, FTX linked 1.6 million Solana (SOL) tokens worth $56 million that were unstacked and sent to an unknown wallet. Another 930,000 SOL worth $32 million linked to FTX and Alameda were moved to another unknown wallet speculated to be linked to Galaxy Digital, the official firm designated for the liquidation process.

Data aggregated by Spotonchain suggests a total of $78 million worth of assets have been sent to crypto exchanges from FTX and Alameda wallet over the past week.

Total crypto assets sent to exchanges by FTX. Source: SOC

FTX-linked wallets have continued to send their stash of altcoins to crypto exchanges over the past month after a court-ordered phased-out liquidation process. The court order permits FTX to sell digital assets worth over $3 billion through an investment adviser in weekly batches in accordance with the pre-established rule.

The phased-out liquidation process would allow FTX to sell $50 million worth of assets weekly, followed by a $100 million cap in the succeeding weeks. The cap can be increased up to $200 million per week with the previous written consent of the creditors’ committee and ad hoc committee after court approval.

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