FTX and its sister company Alameda successfully moved $38.5 million worth of cryptocurrency to the centralized exchange, totaling 36 assets valued at $350 million.

Defunct cryptocurrency exchange FTX and its sister company Alameda successfully transferred approximately $38.5 million worth of assets to other centralized exchanges.

The ongoing selling spree in FTX and Alameda is reportedly driven by the need to meet obligations to creditors.

FTX selling spree?

According to on-chain analyst Spot On Chain, around seven assets have recently moved from addresses associated with FTX and Alameda to popular cryptocurrency exchanges. On November 7, the entities made another sale.

In the latest round, approximately $38.5 million worth of assets were transferred via FTX and Alameda addresses.

The seven assets involved in the transfer are as follows: 750,000 SOL, valued at US$31.2 million, 325,501 ENS, valued at US$2.76 million, 10.1 million GMT, valued at US$2.22 million, 642,702 LDO, valued at US$1.26 million, 288,211 APE, valued at US$410,000, 127,407 The BADG emergency room is valued at US$365,000, and 555,342 BNT, valued at US$323,000.

The once-promising cryptocurrency exchange has been selling off massive amounts of assets since early November. On November 7, the failed exchange transferred approximately 1.21 million SOL (worth $48.6 million) and 1,583 ETH (worth $48.6 million) to Kraken and Binance.

Likewise, on November 3, the exchange transferred approximately 800K SOL, equivalent to approximately $32.7 million, to the same exchange. Between November 1 and 2, the company sent nearly $50 million worth of SOL, MATIC, ETH, MASK, SUSHI, BAT, GALA, LDO, C98, AAVE, ALICE, AXS, DYDX to popular platforms Binance and Coinbase , ZRX.

As of November 8, the defunct former giant and its sister companies have moved a total of 36 assets worth $350 million to various exchanges.

Notably, the most significant asset transfer was SOL for $211 million. Analysis shows that the exchange still holds approximately 2.3 million SOL tokens, which may soon be liquidated.

Selling to pay off debt?

The two sister companies reportedly divested some of their assets to meet debt obligations and satisfy creditors.

FTX recently announced plans to sell approximately $744 million worth of digital asset trusts held by Bitwise and Grayscale to meet its obligations to creditors. Reports indicate that FTX is seizing the current market opportunity at higher prices.

Meanwhile, as FTX and Alameda face challenges in meeting their obligations, the former network leader was recently found guilty of all charges, including money laundering and fraud. Sentencing is scheduled for March 28, 2024. #FTX #Alameda