JAKARTA - The latest news regarding the exchange of cryptocurrencies FTX and its sister trading company, Alameda Research, shows that there is a transfer of USD 145 million (equivalent to IDR 2.2 trillion) to the crypto exchange. Three addresses related to the crypto exchange that went bankrupt made suspicious transactions.

However, until this news was published, it was not clear what the purpose of the transfer of funds was. In addition, FTX also continues to strive to recover the company's bankrupt assets and faces an obligation of up to 9 billion US dollars (Rp138 trillion).

According to an on-chain analytic firm named Lookonchain on March 14, the address transferred 69.64 million USDT to a new address of 0xad6e, which then sent 43 million USDT to Binance, Coinbase, and Kraken. In addition, the addresses also transferred 75.94 million USDC to Coinbase custodian wallets.

The addresses were previously used to collect FTX assets after the crypto exchange went bankrupt in November 2022. Until this news was published, it was not clear why the bankrupt company had transferred to the crypto exchange. Several members of the crypto community have speculated about the reasons behind the transaction.

Along with efforts to recover FTX funds, the new management of the exchange continues to seek to restore and consolidate the company's bankrupt assets. To date, the company has claimed to have managed to recover more than 6 billion US dollars (Rp92.2 trillion) in cash and crypto.

However, court documents show that the company's obligations amount to around Rp138 trillion, while the company only has 1 Bitcoin as collateral for 1,591 Bitcoins owned by customers, according to a CryptoSlate report.

As part of an effort to fully recover the company's assets, FTX management plans to sell $45 million in shares at venture capital firm Sequoia Capital to Al Nawwar Investments RSC Limited based in Abu Dhabi.

In addition, the company is also filing a lawsuit against Grayscale Investment to unlock its Bitcoin and Ethereum Trust so that investors can redeem their shares and reduce management costs. Finally, the bankrupt crypto exchange proposed a $4 million bonus plan for employees with "unique and specializing skills" that are difficult to replace and very important in the company case.


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