Significant Crypto Wallet Movements From FTX: $38.8M in 37 Days
The crypto landscape witnesses seismic shifts as wallets affiliated with the defunct FTX exchange and Alameda Research propel an astonishing $38.8 million in digital assets across various exchanges since January 2024.
February’s Noteworthy Transactions: $7M in Movements
February emerges as a month of substantial activity, with blockchain analytics from PeckShield revealing transactions exceeding $7 million orchestrated by wallets associated with both entities.
On February 4, these wallets orchestrated sizable transfers, including $2.6 million in Ether (ETH) to Coinbase and approximately $1.1 million in Ton (TON) and Fantom (FTM) to FalconX and Wintermute.
January’s Impressive Transactions: $35M Surge
January witnessed a flurry of activity as wallets linked to FTX and Alameda funneled a staggering $35 million into various exchanges.
Restructuring Amidst Financial Movements
These financial maneuvers unfold against the backdrop of the fallen exchange’s restructuring endeavors and its commitment to fully reimburse customers. During a pivotal U.S. court hearing on January 31, FTX disclosed its restructuring strategy, emphasizing customer repayment as a central tenet while ruling out the possibility of relaunching the exchange.
Criticism and Public Response
However, the restructuring plan has met with considerable opposition. Former SEC official John Reed Stark denounced it as a “highway robbery of highway robbers” on February 4, underscoring mounting skepticism within the industry and raising questions about the plan’s efficacy and fairness.