FTX and Alameda Research prepare to sell $60 million worth of Ethereum, Solana and other assets
- According to a report from Nansen, $60 million worth of crypto assets have been moved from FTX and Alameda Research cold wallets to Binance and Coinbase.
- The assets in the transfers include the likes of LINK, AAVE, MKR and ETH.
- FTX founder Sam-Bankman Fried recently took the stand during his trial and stated that he “did not defraud anyone”.
Amid Sam Bankman-Fried taking the stand during the ongoing trial for his criminal charges, developments pertaining to his now-bankrupt corporations are coming to light, and they might prove to be harmfull to Ethereum and other tokens.
FTX and Alameda to sell their tokens
In the past week, blockchain analytics firm Nansen highlighted that nearly $8.6 million worth of crypto tokens were moved from FTX and Alameda Research’s cold wallets to Binance. However, according to their most recent update, this transfer seems to have been just the tip of the iceberg.
Nansen took to X, formerly Twitter, to shine a light on the more recent transfers made by the same wallets, which contain tokens worth almost twice to four times the previous transfer. The analytics firm stated that apart from the $8.6 million that was moved, an additional $2.2 million worth of Chainlink, $1 million in AAVE, $2 million worth of Maker and over $3.4 million in Ethereum has also been moved to exchanges.
The initial funds left both FTX and Alameda, where they then moved to intermediary wallets before they were sent to the two exchanges
— Nansen (@nansen_ai) October 27, 2023
Tracking their movements is made simple with our Entity Profiler which consolidates known FTX and Alameda EVM addresses into one place pic.twitter.com/fZQIsSLI7p
Furthermore, separate transactions of 943,000 SOL worth around $32 million, as well as another $24.3 million worth of other cryptocurrencies, have been moved out of the cold wallets and onto the Binance and Coinbase exchanges. All these funds add up to more than $60 million, which is a significant amount to move out of a wallet, especially when names associated with it are embroiled in controversy.
Sam Bankman-Fried says he did not defraud anyone
The former CEO and founder of the bankrupt crypto exchange FTX is currently facing a trial for criminal charges, including fraud. While the disgraced executive has been giving brazen statements for the past few days, such as admitting he thought it was “legal to use customer funds for Alameda Research,” he made another interesting statement today.
During his testimony, Sam Bankman-Fried’s lawyer questioned him regarding whether he accomplished his goals of starting FTX, to which Bankman-Fried replied that he didn’t. He was then asked whether he believed he had defrauded anyone, to which Sam Bankman-Fried replied that he had not and neither had he taken any customer funds.
Sam Bankman-Fried is tightening the noose to the point where even individuals unfamiliar with the case can notice just how far-fetched Bankman-Fried’s lies are. What ends up becoming of Sam Bankman-Fried will be interesting, to say the least.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
