Alameda Research, the trading counterpart of the Sam Bankman Fried crypto empire, on November 7, 2022, sent stable coins worth $250 million to the FTX exchange.
Jump Trading has withdrawn about 40.4 million USDC from FTX in the past 24 hours. About $109.8 million worth of cryptocurrency has been transferred from FTX to crypto lending platform Nexo, including 56,432 ETH and about $13.9 million in stablecoins. According to @peckshield
— Wu Blockchain (@WuBlockchain) November 7, 2022
This singular act raises the suspicion of possible bankruptcy.
This suspicion exists because Alameda Research is currently facing a lawsuit that, if found guilty, could result in bankruptcy.
However, the FTX platform has debunked this claim on its Twitter platform.
In a series of tweets, they stated that the platform carries out regular financial audits, and the government comprehensively regulates them.
In addition, the platform processes tons of transactions in stablecoins daily.
However, the rumor has done much harm to the FTX platform because several investors and stakeholders have withdrawn by liquidating their assets.
An example investor is Changpeng Zhao, the CEO of Binance, the largest exchange in the industry by market capitalization.
He had a year earlier sold all his stakes in the platform before going on to liquidate all his tokens on November 6, 2022.
His reason for doing this was revealed in a series of tweets, that he made a day earlier, in which he stated that FTX will suffer the same fate as LUNA.
The LUNA network, which crashed, severely damaging token holders’ and stakeholders’ finances, gripped the crypto market with fear.
To stop history from repeating itself, CZ sold all his tokens as a last resort to absolve himself from the FTX network.
Another tech giant that took the same measure is Jump trading, a worldwide trading and research platform, which was reported to have, in the last 24 hours, withdrawn $40.4 million of Stablecoin from the platform.
According to Wu Blockchain, a total of $109.8 million worth of crypto assets have been withdrawn from the platform and deposited on NEXO.
In addition, a total of $13.9 million in stablecoin and over 56,432 Ether have been transferred to the NEXO platform.