FTX and Alameda, two prominent entities in the cryptocurrency space, have recently undertaken a significant divestment strategy. Over the past 24 hours, they have transferred a substantial amount of MATIC and AVAX, amounting to $36.01 million, to various exchanges. This ongoing commitment to reaching settlements with creditors amidst the twists and turns of the bankruptcy battle is a testament to their determination.
Based on Spot on Chain analytics, FTX deposited $36.01 million worth of MATIC and AVAX to different exchanges within 24 hours. Coinbase and FalconX received a majority of these assets, with 22.6 million MATIC worth $17.2 million going to Coinbase and FalconX alone obtaining 975,859 AVAX valued at $18.83 million.
In addition to these transfers, FTX made a significant move on Nov. 21 when they transferred approximately $3.16 million worth of Ethereum to the troubled former rival Binance. This transaction was facilitated through Wintermute Trading. Furthermore, FTX and Alameda conducted test deposits to FalconX, a digital asset trading platform, on Nov. 21 as a preliminary step towards subsequent asset transfers. These calculated moves demonstrate FTX’s determination to navigate through their financial challenges.
On Nov. 17, FTX and Alameda-related addresses unstaked 11.5 million MATIC, valued at $9.24 million. This action aligns with FTX’s ongoing efforts to address its debts. Furthermore, FTX has effectively transferred $488 million across 48 distinct tokens since Oct. 24, indicating a marginal increase from the previously reported amount of $452 million. Notably, SOL has emerged as the most transferred asset during this period, with around 6.9 million tokens worth $280.2 million moving between wallets. Other notable tokens in the list include ETH, MATIC, RNDR, LINK, DYDX, GRT, LDO, MKR, MANA, BAND, CHZ, SUCHI, ENS, MASK, and more in that order.
FTX’s continuous sale of assets is part of their comprehensive plan to settle their outstanding debts. Recent reports indicate that some FTX creditors have been offered as much as $0.6 to $0.65 on the dollar, representing a 30% increase compared to the previous settlement offer presented in October. These efforts demonstrate FTX’s commitment to finding resolutions amidst their challenging financial situation.
The FTX court dispute continues to evolve with new developments. Recently, the attorney for Brandon Williams, one of the defendants in the FTX saga, requested a Delaware court to delay the ongoing bankruptcy proceedings for further investigations on why the exchange ran insolvent. The defendant seeks to explore the events between November 2021 and October 2022 that ultimately led to the demise of FTX. This legal action adds another layer of complexity to the already intricate bankruptcy battle.
FTX and Alameda’s divestment strategy, as displayed through their recent asset transfers, test deposits, and unstaking activities, showcases their dedication to resolving their financial challenges. The ongoing court disputes further complicate the situation, but FTX remains determined to navigate through these turbulent times. As the cryptocurrency landscape continues to evolve, it will be interesting to see how FTX’s divestment efforts shape the future of the company and its creditors.
