Alameda transfers $352K in Worldcoin amid FTX’s $12.7B legal fallout.
This marks Alameda’s first Worldcoin movement since vesting a year ago.
CFTC lawsuit dismissed, but FTX and Alameda banned from trading.
Embattled crypto firm Alameda Research has transferred 205,387 Worldcoin (WLD) tokens, valued at approximately $352,000, to the cryptocurrency exchange Binance. This transaction marks the first movement of Worldcoin assets held by Alameda Research a year ago. Currently, Alameda holds an extensive portfolio of 24.8 million WLD, equivalent to around $45.6 million.
Alameda Research started depositing their $WLD to CEX!9 hours ago, Alameda Research moved the very first 205,387 $WLD ($352K) to #Binance, after vesting them from the #Worldcoin a year ago.Notably, the deposit came after an N.Y. judge officially ordered FTX and Alameda… pic.twitter.com/uD21ntrS6R
— Spot On Chain (@spotonchain) August 9, 2024
This strategic asset transfer coincides with a recent legal development involving Alameda Research and its affiliate, FTX. On August 7, a New York court ordered FTX and Alameda Research to pay a staggering $12.7 billion to creditors.
This order effectively dismisses the Commodity Futures Trading Commission’s (CFTC) lawsuit against the entities, which stemmed from accusations of massive fraud orchestrated by Sam Bankman-Fried, the founder of both companies.
The court’s decision, overseen by United States District Judge Peter Castel, concludes a 20-month legal battle and represents the CFTC’s largest-ever recovery effort. Notably, the order bars FTX and Alameda from trading digital assets and acting as intermediaries in the market, though no civil monetary penalties were imposed.
The lawsuit’s origins trace back to late 2022 when FTX declared bankruptcy, resulting in the loss of billions in investor wealth and exposing key vulnerabilities in crypto market practices. The CFTC’s initial legal actions against FTX and Alameda focused on their misleading assurances regarding the security of customer funds, which were misappropriated.
Sam Bankman-Fried, the CEO of FTX and co-founder of Alameda Research, was sentenced earlier this year to 25 years in prison after being convicted on multiple charges, including fraud and money laundering.
Despite the turmoil surrounding its affiliated companies, Worldcoin has maintained a resilient market presence. The price of Worldcoin (WLD) currently stands at $0.01727, showing an 11.42% increase over the past 24 hours, although it has experienced a 24.60% decline over the previous week.
The post CFTC Lawsuit: Alameda’s $12.7B Order and $352K Worldcoin Transfer appeared first on Coin Edition.
