FTX Related Addresses Move 69.64M USDT, Liquidation Doubts Surface

  • Lookonchain identified three addresses related to FTX/Alameda moving funds.
  • The wallets moved 43 million USDT to Coinbase, Binance, and Kraken.
  • FTX-linked address also moved 75.94 million USDC to the Coinbase Custody wallet.

On-chain analyst Lookonchain identified three addresses related to FTX/Alameda moving funds. A whopping 69.64 million USDT was moved to the address “0xad6e.”

Out of these funds, 43 million USDT was transferred to Coinbase, Kraken, and Binance. Around 75.94 million USDC was moved to Coinbase’s custody wallet, as identified by Lookonchain.

Lookonchain also identified that, after the crash of FTX, all assets were collected from these three addresses. The community started reacting to the news and began stating that Sam Bankman Fried had begun trading to make back everything that he lost.

The significant amount of funds being transferred has generated apprehension regarding its underlying motivations. Certain sources declare that it may be correlated with FTX’s liquidation proceedings, as the exchange strives to accumulate all available funds to fulfill its obligation to repay investors.

The transfer comes at a time when the cryptocurrency market, including Bitcoin, has exhibited double-digit gains in the last 24 hours. BTC has breached the $24,500 threshold and is trading at $24,507 at press time. ETH, on the other hand, has spiked by 6% in the last 24 hours and is trading at $1,680.

On November 11, 2022, FTX declared bankruptcy following a spike in customer withdrawals that occurred earlier that month. Sam Bankman-Fried, the company’s CEO at the time, acknowledged that it lacked the assets necessary to meet client demand.

The collapse of FTX was one of the most devastating events in the cryptocurrency industry’s history. FTX was one of the largest players in the cryptocurrency realm, and its downfall was indeed shocking to many.

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Source: https://coinedition.com/ftx-related-addresses-move-69-64m-usdt-liquidation-doubts-surface/