Stablecoins related to FTX on the Move: $145M Transferred to Crypto Exchanges

Stablecoins related to FTX on the Move: $145M Transferred to Crypto Exchanges

Three wallets associated with FTX, its subsidiary Alameda Research, are said to have moved 69.64 millions USDT and 75.94million USDC.

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FTX continues to transfer funds despite multiple investigations. According to reports, $145 million worth of stablecoins was transferred to different platforms by addresses connected to the collapsed crypto exchange.

Lookonchain spotted March 14th. Three wallets associated to FTX and its subsidiary Alameda Research have moved 69.64 Million Tether ( ) as well as 75.94 Million USD Coin ( ). The Tether reserves were transferred to custodial wallets via platforms such as Coinbase, Binance, and Kraken. All USDC funds were transferred to Coinbase custodial wallets.

Alameda and FTX are both in the process to recover assets. They will also be required to return funds to investors. Andy Dietderich from FTX claims that the cryptocurrency exchange , which was in trouble, had already recovered $5Billion in cash, and liquid cryptocurrencies, as of January 2023. Its total liabilities are $8.8 billion.

Similar: The largest outflows of crypto investment products since the SVB collapse

A new agreement was reached with an Abu Dhabi government company in the latest FTX bankruptcy case update. Alameda Research has sold its remaining stake in Sequoia Capital, a venture capital firm, to the Abu Dhabi sovereign asset fund for $45,000,000.

Alameda Research sued Grayscale Investments in Delaware’s Court of Chancery. According to a statement, the lawsuit seeks ” unlock $9B or more in shareholder value of the Grayscale Bitcoin Trusts and realize over a 25 billion dollars in asset values for the FTX Debtors customers and creditors.”

Some plaintiffs sought to consolidate lawsuits against FTX as the cases against it piled up. On March 8, however, a judge rejected the consolidation request. This indicated that defendants had not been permitted to respond. Jacqueline Corley, United States District Judge, recently denied the request for consolidation of five class-action suits against FTX.