🔥 Crypto Liquidation Update: FTX and Alameda Transfer $10.8M to Major Exchanges
💼 FTX Trading Ltd. Proposes “Customer Shortfall Settlement” in Chapter 11 Case
In a significant move, bankrupt crypto firms FTX and Alameda Research have executed a crypto asset transfer, liquidating $10.8 million across three major exchanges: Wintermute, Binance, and Coinbase. This transaction marks a continuation of their ongoing liquidation efforts, totaling an astounding $551 million since October 2023, spanning 59 different tokens.
🔄 Details of the Recent Transaction:
The transferred assets included eight different cryptocurrencies:
$2.58M in $GMT$2.41M in $UNI$2.25M in $SYN$1.64M in $KLAY$1.18M in $FTM$644K in $SHIBSmaller amounts of Arbitrum (ARB) and Optimism (OP) tokens were also part of the transaction.
💹 Ongoing Liquidation Efforts:
This isn't the first instance of FTX and Alameda liquidating crypto holdings. A prior transaction on November 14, 2023, saw $24 million moved to Kraken and OKX exchanges. These efforts stem from a U.S. court-approved plan to sell FTX’s digital assets, with a weekly limit of $100 million per position, extendable to $200 million with special committee approval.
🔄 Origins of the Funds:
The movement of funds traces back to March 2023, when FTX and Alameda initiated the recovery process for investor assets. In a prior move, $145 million worth of stablecoins were shifted to various platforms, including Coinbase, Binance, and Kraken.
💸 FTX’s Financial Challenges:
Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX's total liabilities surpassed $8.8 billion, reflecting the severity of its financial situation.
📉 Future Liquidation Outlook:
As FTX and Alameda persist in their asset liquidations to settle substantial debts, the crypto community awaits the unfolding of the future for these companies and their remaining assets.
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