$69.64M Related FTX Address Transfers Surface Liquidation Suspicion By CoinEdition

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© Reuters. Transfer of FTX related titles of US$69.64 million, surface liquidation suspicions
  • Lookonchain has identified three addresses related to FTX/Alameda transfer boxes.
  • The wallets moved $43 million to Coinbase (NASDAQ: ), Binance, and Kraken.
  • The FTX-related address also moved $75.94 million to the Coinbase Custody wallet.

On-chain analyst Lookonchain identified three addresses related to FTX/Alameda transfer funds. A whopping $69.64 Million USD has been transferred to the address “0xad6e”.

Of these funds, $43 million was transferred to Coinbase, Kraken, and Binance. About $75.94 million has been transferred to the custodial wallet of Coinbase, as identified by Lookonchain.

Lookonchain also specified that after the FTX crash, all assets from these three addresses were collected. The community started reacting to the news and started saying that Sam Bankman Fried had started trading to get back everything he had lost.

The large amount of money transferred has raised concerns about the underlying motives. Some sources declare that it may be related to FTX liquidation proceedings, as the exchange strives to accumulate all available funds to fulfill its obligation to repay investors.

The conversion comes at a time when the cryptocurrency market has shown double-digit gains in the last 24 hours. BTC has breached the $24,500 threshold and is trading at $24,507 at press time. On the other hand, ETH is up 6% in the past 24 hours and is trading at $1,680.

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

The collapse of FTX was one of the most devastating events in the history of the cryptocurrency industry. FTX was one of the biggest players in the cryptocurrency world, and its fall was already shocking to many.

After transferring the relevant FTX addresses of $69.64 million USD, the liquidation suspicion surface appeared for the first time in the coin issuance.

See the original on CoinEdition



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