FTX and Alameda Research transferred a significant sum of $13.6 million to Binance and Coinbase on November 1. This transfer follows the backdrop of legal battles and allegations surrounding Sam Bankman-Fried, the founder of FTX, including accusations of fraud and misuse of funds.
Massive Deposits of EVM Tokens Continue
The transfer involved FTX depositing a substantial $8.12 million worth of three assets into Coinbase. These assets included 46.5 million GRT valued at $4.85 million, 972,073 RNDR worth $2.3 million, and 708.1 MKR with a value of $967,000. Just three hours later, another round of deposits totaling $5.49 million occurred, consisting of 1.14 million DYDX tokens valued at $2.64 million, 192,888 AXS worth $1.05 million, and 5,858 AAVE tokens valued at $522,000.
According to Spot On Chain, FTX and Alameda Research have now deposited approximately $83.6 million worth of 26 EVM tokens to various exchanges, indicating a substantial presence in the cryptocurrency market.
FTX and Alameda’s Ongoing Transfers
This series of transfers doesn’t appear to be a one-off event; it seems to be part of an ongoing pattern. On October 31, the two entities executed a transfer of $19.5 million in assets to Coinbase, including GRT, MKR, and RNDR. A few days prior, FTX sent around $8.6 million worth of cryptocurrency assets to the same exchange. Even earlier, on October 25, FTX-associated addresses executed transfers amounting to $10.49 million in various assets. Analysis from Arkham Intelligence suggested that these transfers might indicate FTX’s exploration of investment diversification strategies.
The data analysis reveals that these substantial deposits mainly consist of notable amounts of Ethereum (ETH), Maker (MKR), Chainlink (LINK), and Aave (AAVE). The overall movements of cryptocurrencies between wallets associated with Alameda, FTX, Binance, and Coinbase have been closely monitored by analysts.
Notably, FTX and Alameda have also executed transfers of $170 million in cryptocurrencies, including assets like SOL, ETH, and MATIC, to various staking pools. FTX’s extensive crypto holdings, valued at $3.4 billion, indicate an active pursuit of investment opportunities. However, it’s important to note that ongoing legal disputes persist between regulatory bodies, FTX, its founder, and former management, adding an extra layer of complexity to these high-value transfers. The motivations and implications of these transfers remain subjects of interest and speculation in the crypto community.