The global crypto market witnessed a recovery on Saturday as Bitcoin (BTC) regained the $44k price level. The cumulative market cap is up by more than 2% over the past day to stand at $1.62 trillion. However, on-chain data depicts that there might be turbulence ahead as FTX and Alameda Research were caught moving funds over exchanges.
FTX on the move
According to the data, the fallen crypto exchange FTX and Alameda Research executed a major crypto transfer. It moved a total of $23.59 million worth of crypto across various exchanges, including Binance, Coinbase, OKX, and GalaxyDigital OTC over the past four days.
They moved 3,150 Ethereum (approx worth $6.8 million), 59.6 million ALEPH (approx worth $6.41 million), and 3.60 million Curve DAO Tokens (approx worth $2.48 million). It included 33,388 Avalanche (approx worth $990K), and 50,282 Chainlink (approx worth $848K).
However, FTX and Aameda also moved $6.07 million worth of 14 other assets including PUNDIX, RSR, DOGE, BCH, CHR, AXS, MATIC, UNI, ORBS, FXS, DOT, GMT, 1INCH, and SOL. In total, FTX and Alameda Research have deposited around $591M worth of 74 tokens to exchanges since October 24.
Crypto transfer signals uncertainty
Earlier, FTX moved crypto valued at around $22 million signaling its strategic measures amid ongoing bankruptcy proceedings. The fallen crypto exchange dumped Ethereum (ETH), Uniswap (UNI), Shiba Inu (SHIB), and more. This move is part of a broader $551 million asset management plan and an effort to optimize token value amid financial challenges.
It is important to note that $10.8 million were executed across exchanges like Wintermute, Binance, and Coinbase. This strategic plan is permitted by a court-approved plan which enables the authorized sale of digital assets. It is initially up to $100 million with a potential expansion to $200 million that depends on pending committee approval.
FTX initiated a financial plan in March 2023, transferring $145 million in stablecoins across exchanges. With over $5 billion in recovered assets, liabilities surpass $8.8 billion, posing challenges for reimbursement.
