FTX & Alameda Research Execute Massive $27M Crypto Transfer to Coinbase

FTX and Alameda Research have shifted a staggering $27.2 million in cryptocurrency assets today, October 31, as revealed by global analytics titan Lookonchain.

Diverse Crypto Assets On The Move

FTX and Alameda Research’s recent transfer showcases a variety of significant crypto assets in their portfolio. Leading the list is RNDR, which accounts for a substantial $17.93 million of the transfer. SOL trails next, making up $4.7 million, followed by ETH at $2 million and MKR, which touched the $1.18 million mark. 

Not to be overlooked, other noteworthy transfers include REN, valued at $1.12 million, and GRT, which accounted for $0.27 million. These funds made their way to the prominent crypto exchange, Coinbase.

Although the recent transfers, collectively amassing over $106 million till today, might seem sizable, they barely dent the overall holdings of these influential crypto trading entities. 

Spot On Chain data throws light on their vast reserves, highlighting that even after their recent spate of significant deposits to different exchanges, FTX and Alameda Research still hold a robust $736 million in EVM (Ethereum Virtual Machine) assets.

Tracing the Cryptographic Trail

Delving deeper into the transactional activities of FTX and Alameda, it becomes evident that a series of orchestrated moves have taken place.

Starting October 25, distinctive addresses tied to these entities, notably 0xde9 for FTX, 0x97f for FTX, and 0xf02 for Alameda, began routing funds to major centralized exchanges such as Binance and Coinbase.

This pattern of transfers has been consistent up to the present date, signaling a calculated approach to their asset management.

A highlight from earlier this month saw the duo transferring a significant 21,967 COMP, valued at approximately $1.01 million. Not stopping there, they also moved a whopping 974,270 RNDR, translating to about $2.04 million, directly to Binance, utilizing the services of Wintermute, an esteemed player in the algorithmic digital asset trading space.

Further deepening their transactional footprint, FTX and Alameda mobilized an additional set of assets, valued around $6.5 million. This comprised renowned cryptocurrencies like UNI, DYDY, SUSHI, and LDO.

Rather than direct transfers, these assets first moved to two intermediate addresses before eventually being routed to the designated exchanges, showcasing a multi-tiered strategy in their asset relocation.

FTX and Alameda’s Path to Rectification

FTX and Alameda are now under the spotlight, not just for their recent asset transfers, but more so for their commitment to mending past actions.

The intention behind their recent cryptocurrency fund reshuffling indicates a drive towards liquidating certain assets. The end game? To repay a colossal debt to creditors that has cast a shadow over their operations.

It was during the course of 2022 that whispers started emerging about Alameda’s financial tactics. The firm had discreetly diverted FTX customer funds to clear all outstanding loans they had accrued.

This move, while surreptitious, was intended to square off all dues by summer. However, the strategy they adopted bore significant consequences.

By November 2022, the ramifications of using FTX customer funds for debt payment became glaringly evident. Alameda’s debt had skyrocketed, touching the daunting $10 billion mark.

This escalation wasn’t just a result of operational challenges but stemmed from their choice to lean on customer assets for repaying creditors.