Bankrupt Crypto Company Deposited Altcoins to Binance: The Price Had Dropped by Half!

Sunken cryptocurrency company Alameda Research deposited millions of dollars worth of coins to Binance.

According to Spot On Chain's post, Alameda, which is affiliated with the bankrupt FTX, deposited 7.44 million 1INCH ($3.14 million) to Binance at $0.422 per unit.

Alameda bought 14.44 million 1INCH from 1inch in June 2023 and started transferring them to cryptocurrency exchanges through Wintermute this month.

Alameda sent the coins to the exchanges just before the price started to fall. The 1INCH price is down more than 40% this month. The price, which was $0.628 at the beginning of the month, dropped to $0.36 during the mid-month decline.

According to CoinGecko data, 1INCH lost 5% of its value on a daily basis and is traded at $ 0.417.

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