Crypto wallets associated with the now-defunct FTX crypto exchange and its sister company, Alameda Research, have recently made significant transfers of altcoins, totaling over $13 million as of November 1st.
On-chain analysis firm Spotonchain provided data on these transactions.
Initially, the FTX wallet moved $8.12 million worth of altcoins to Coinbase.
This transfer included 46.5 million units of The Graph’s GRT valued at $4.85 million, 972,073 Render (RNDR) tokens worth $2.3 million, and 708.1 Maker tokens valued at $967,000.
Three hours later, FTX and Alameda Research wallet addresses executed another transfer, this time amounting to $5.49 million.
The primary assets in this transaction were 1.14 million dYdX (DYDX) tokens worth $2.64 million, 192,888 Axie Infinity tokens worth $1.05 million, and 5,858 Aave tokens valued at $522,000.
Before this $13.1 million transfer on November 1st, Nansen, a crypto analytics firm, had flagged multiple movements from FTX-linked wallets in the past week.
These movements involved the deposit of millions of dollars in various cryptocurrencies on different exchanges.
Initially, $8.1 million worth of altcoins was transferred to Binance, with Nansen estimating that an additional $24.3 million in assets from FTX and Alameda-linked wallets were deposited into Binance and Coinbase.
On October 31st, FTX moved 1.6 million Solana (SOL) tokens worth $56 million, which had been unstaked, to an unknown wallet.
Another 930,000 SOL tokens worth $32 million, associated with FTX and Alameda, were sent to another undisclosed wallet, speculated to be linked to Galaxy Digital, the designated firm for the liquidation process.
Data compiled by Spotonchain indicates that a total of $78 million in assets has been transferred from FTX and Alameda wallets to various crypto exchanges over the past week.
Despite a court-ordered phased liquidation process, FTX-linked wallets have continued to send their holdings of altcoins to crypto exchanges over the past month.
This court order allows FTX to sell digital assets worth over $3 billion in weekly batches through an investment adviser, adhering to pre-established rules.
The phased liquidation process enables FTX to sell up to $50 million worth of assets weekly, with the possibility of increasing the cap to $100 million or even $200 million per week with the consent of the creditors’ committee and ad hoc committee following court approval.