FTX creditors await retrieval of lost funds as Alameda Research receives $57.5 million in Tether

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. 

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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

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.” 

Bankman-Fried has denied stealing from FTX exchange’s customers and pleaded not guilty to the events that shook the crypto ecosystem in 2022.