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
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
Bankman-Fried has denied stealing from FTX exchange’s customers and pleaded not guilty to the events that shook the crypto ecosystem in 2022.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
