FTX, in collaboration with its sister company Alameda Research, is working to convert its $3.4 billion in cryptocurrencies into cash. On November 1st, crypto wallets belonging to FTX and Alameda Research made transfers totaling over 13 million dollars in altcoins to different crypto exchanges.
Transfers to Various Exchanges
According to data from the on-chain analysis firm Spotonchain, the first of these transfers was made to the Coinbase exchange, amounting to $8.12 million in altcoins. Notable assets in this transfer included 46.5 million GRT, 972,073 RNDR, and 708.1 MKR.
Three hours later, another transfer worth $5.49 million was made from the wallets of FTX and Alameda Research to Binance and Coinbase. The notable assets in this second transfer were 1.14 million DYDX, 192,888 AXS, and 5,858 AAVE.
At the end of October, there were claims that a wallet belonging to FTX withdrew 1.6 million Solana tokens, valued at $56 million, from staking and sent them to an unknown wallet. Additionally, it was mentioned that 930,000 SOL tokens, valued at $32 million and belonging to FTX and Alameda, were transferred to a wallet believed to be associated with Galaxy Digital.
Liquidation Process Begins
According to a court order given to FTX, the company has the right to sell its crypto assets in weekly periods, following specific rules. This led FTX to enter a phased liquidation process. In the initial phase, a sales limit of $50 million per week was set, which could increase up to $100 million in the following weeks.
FTX and Alameda Research are making transfers that are causing significant volatility in the crypto market. The court decisions and the liquidation process are among the reasons behind these movements.