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FTX bankruptcy estate consolidates Arbitrum airdrop tokens into single wallet

FTX bankruptcy estate consolidates Arbitrum airdrop tokens into single wallet
CoinDesk Analysis TeamCoinDesk Analysis TeamCoinDesk

A wallet controlled by the FTX bankruptcy estate has received several tranches of the Arbitrum (ARB) airdrop from wallets linked to Alameda Research, on-chain data shows.

According to Arbiscan, a block explorer for layer 2 blockchain Arbitrum, the wallet now holds 33,125 ARB tokens worth around $42,000 at press time.

The wallet also holds $10 million worth of USD Coin (USDC), almost $3 million of wrapped BTC (WBTC) and $4 million of Ether (ETH), all of which have been consolidated from the same Alameda-linked wallets since Nov. 13, two days after FTX filed for bankruptcy.

All held tokens are on the Arbitrum blockchain, a network on which Alameda has been active since 2021 by providing liquidity to protocols like Sushi and Stargate Finance.

After airdropping its early users with 1.275 billion tokens, Arbitrum has a market capitalization of $1.6 billion as the token trades at $1.27, according to CoinMarketCap.

The FTX bankruptcy estate has been attempting to consolidate various tokens and investments in the past few weeks, it filed a motion on Wednesday that will see it recover $460 million, including $404 million in cash, from little-known Bahamian hedge fund Modulo Capital.

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CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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