FTX and Almada Research: A Friend In Crime
According to PeckShield alerts, two wallets linked to FTX and Alameda Research conducted the transfers. The FTX-associated wallet moved 860 Tether Gold (XAUT) tokens, valued at over $2 million, to algorithmic trading firm Wintermute
Meanwhile, an Alameda-related wallet transferred 2,027 Ether, worth more than $6.3 million, to two undisclosed addresses. While the exact motive behind these transactions is unclear, they coincide with a critical juncture in FTX’s bankruptcy proceedings.
The impending deadline for FTX debtors to submit an amended version of the “Plan and Disclosure Statement” on May 7 has left creditors eagerly anticipating insights into how they will be compensated for their losses.
The amended restructuring plan promises to offer creditors more clarity regarding their path to recovery. Concerns loom large among some creditors who fear that the revised plan may not adequately address their interests, however
One such voice of caution is Sunil, an FTX Customer Ad-Hoc Committee member representing over 1,500 FTX creditors. Sunil has urged users to scrutinize the upcoming plan, warning that it may favor debtors at the expense of creditors.
“S&C [Sullivan & Cromwell] likely include clauses to absolve their liability for crimes,” said Sunil in a May 5 X post. “S&C puppet John Ray secures a position for himself. Property rights not recognized [for creditors].”
FTX Bankruptcy: A Catastrophe To The Crypto Market
Sunil highlighted potential issues, such as clauses to absolve liability for crimes and the lack of recognition of creditors’ property rights
Ongoing legal battles, including lawsuits against bankruptcy firm Sullivan & Cromwell (S&C), add to the complexity.