FTX Sends Millions Of Crypto Assets To Binance, There Are UNI, FTM, And SHIB In 12 Hours

The FTX crypto exchange went bankrupt in November 2022. (Photo; Doc. TrendRadars)

JAKARTA - Recently, FTX, a crypto exchange that went bankrupt, and its sister trading company, Alameda Research, had transferred tokens worth more than 10 million US dollars (IDR 154.55 billion) within 12 hours. The transfer of these assets has continued to be considered since FTX filed for bankruptcy, sparking speculation about the reasons behind the move.

According to a recent tweet from Spot on Chain, a crypto account linked to a bankrupt crypto exchange, FTX, and its sister trading company, Alameda Research, made a token transfer worth more than $10 million in 12 hours involving six cryptocurrencies.

This transfer involved part of the digital assets still controlled by the FTX bankruptcy administrator. The frequency and strategy behind this withdrawal made many people wonder why this happened.

In his tweet, Spot on Chain detailed the transfer, including tokens such as StepN (GMT) worth around 2.58 million US dollars (Rp 39.85 billion), Uniswap (UNI) amounting to 2.41 million US dollars (Rp 37.24 billion), Synapse (SYN) worth 2.25 million US dollars (Rp 34.75 billion), Klaytn (KLAY) amounting to 1.64 million US dollars (Rp 25.35 billion), Fantom (FTM) worth 1.18 million US dollars (Rp 18.24 billion), Shiba Inu (SHIB) around 644 thousand US dollars (Rp 9.95 billion), and a number of Arbitrums (ARB) and Optimism (OP) which were transferred to exchanges such as Wintermute, Binance, and Coinbase.

This isn't the first time a large transfer like this has happened, since October 24, in a broader pattern, FTX and Alameda have shifted about $551 million worth of tokens involving 59 digital assets. The scale and frequency of this transfer since the exchange collapsed last year made many crypto observers speculate, because the purpose behind this large money movement is not yet clear.

FTX's Reason For Transferring Assets

The transfer of these assets has continued to be considered since FTX filed for bankruptcy, raising speculation about the reasons behind these measures. One of the worrying possibilities is that this could be an incorrect way to remove money from the account before a major action is taken regarding the company's assets. It's possible that some parties within the company are trying to withdraw as much as possible before losing access entirely.

With the emergence of speculation regarding FTX's rebranding and the possible return of crypto exchanges with new leadership, relocation of money could be a necessary part of rearranging some structures or ensuring that the exchange wallet is not completely frozen.

One thing is certain, FTX creditors may remain anxious because they are still looking for compensation. Whenever funds come out of FTX addresses it can be a problem for them, because no specific plans have been made to return lost investments.

Creditor Asset Recovery

In March, when FTX and Alameda Research started working to recover assets for creditors, they reportedly sent around $145 million in stablecoins to various exchanges. Part of the funds were transferred to custodian wallets while some were stored in stablecoins.

So far, this crisis-prone exchange has managed to return more than 5 billion US dollars (Rp 77.28 trillion) in cash and crypto from total liabilities exceeding 8 billion US dollars (Rp 123.64 trillion). This can provide additional strength to the possibility of rebranding and recovery processes.