FTX creditors await retrieval of lost funds as Alameda Research receives $57.5 million in Tether
|- Cryptocurrency wallets tied to Alameda Research, Samuel Bankman-Fried’s trading firm, have received $57.5 million in USD Tether on May 9.
- A crypto intelligence tracker has highlighted a $300,000 MASK token and $57.5 million USDT transfer from OKX to Alameda’s wallets.
- The wallets are fully controlled by the FTX Bankruptcy Estate that was created to help creditors of Alameda Research and FTX exchange.
A crypto intelligence tracker Arkham Intel recently identified the on-chain transfer of more than $57 million in cryptocurrencies to Alameda Research’s wallets. These wallets are wholly controlled by the Bankruptcy Estate that was created to aid creditors of Samuel Bankman-Fried’s defunct firms – Alameda Research and FTX exchange.
Also read: Ethereum price set to face selling pressure as Lido unlocks $500M worth of staked tokens
FTX Bankruptcy Estate gains control of $57.5 million in crypto assets
According to on-chain data from Arkham Intel, the FTX Bankruptcy Estate recently received $57.5 million in USD Tether (USDT) and MASK in a transfer from OKX exchange. The wallet belongs to Alameda Research and is fully controlled by the Bankruptcy Estate, which was created to help creditors recover their lost funds.
FTX Bankruptcy Estate receives funds from OKX exchange
In the past hour, Alameda Research wallets have received $57.77M in USDT from OKX.
— Arkham (@ArkhamIntel) May 9, 2023
Link to Arkham wallet address below: pic.twitter.com/9JXhH0sQnR
In the past hour, Alameda Research wallets have received $57.77M in USDT from OKX.
— Arkham (@ArkhamIntel) May 9, 2023
Link to Arkham wallet address below: pic.twitter.com/9JXhH0sQnR
During the FTX exchange and Alameda Research collapse, nearly $8 billion in funds were missing. In the proceedings that followed, the exchange claimed to have recovered $1 billion, a fraction of the missing funds.
A Bankruptcy Estate was then formed to help make creditors whole through a recovery of their lost funds. The recent transfer of $57.5 million in cryptocurrencies to the Estate’s wallets increases the likelihood of recovery of client funds.
SBF asks US judge to throw out criminal charges
According to a recent Reuters report, Samuel Bankman-Fried, the co-founder of FTX exchange and the trading firm Alameda Research, asked a US judge to “throw out criminal charges against him.”
Sam Bankman-Fried, who has long denied stealing from customers of his FTX cryptocurrency exchange, asked a US judge to throw out criminal charges against him over the now-bankrupt FTX's collapse https://t.co/tCbOEErnTC pic.twitter.com/jfLTy6B0SQ
— Reuters (@Reuters) May 9, 2023
Sam Bankman-Fried, who has long denied stealing from customers of his FTX cryptocurrency exchange, asked a US judge to throw out criminal charges against him over the now-bankrupt FTX's collapse https://t.co/tCbOEErnTC pic.twitter.com/jfLTy6B0SQ
— Reuters (@Reuters) May 9, 2023
Bankman-Fried has denied stealing from FTX exchange’s customers and pleaded not guilty to the events that shook the crypto ecosystem in 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.