69.4 million USDT was transferred from three different crypto addresses associated with FTX and Alameda.
After the bankruptcy in 2022, 69.64 million USDT was transferred from three different addresses originating from FTX and Alameda, which deeply affected the crypto money market. Of the transferred USDTs, 43 million USDT was transferred to Coinbase, Binance and Kraken. In addition, according to the released blockchain data, 75.94 million USDC was transferred to Coinbase Custody Wallet.
Speculation Grows About Fund Transfer
This massive transfer of funds from FTX and Alameda addresses has raised concerns and speculation about the reasons behind it.
According to speculation, the exchange is raising all its funds to repay its investors as much as possible. These large transfers to Coinbase, Binance, and Kraken may suggest that FTX is trying to repay its investors as part of the liquidation process. In this process, where it is not yet clear what will happen to FTX and its users, it is possible that the fund transfer was made to solve the problems of the stock market.
FTX went bankrupt after it was agreed in November of 2022 that the majority of Alameda Research’s $14.6 billion assets consisted of FTT tokens. After this development came to light, FTT investors started selling their holdings and about $6 billion was withdrawn within three days.
FTX provided loans to Alameda not only from its own funds, but also from client funds.
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