FTX and Alameda Shuffle $438 Million in Asset, Sparks Speculation
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In a whirlwind of strategic asset movements, embattled FTX and Alameda Research have orchestrated transfers exceeding $438 million across 42 tokens since early November, according to blockchain analytics platform Spot On Chain. Today’s $24 million deposit of SOL, MATIC, and ETH to Kraken and OKX further intensifies the speculation surrounding their motives.
🚨 [Updated] #FTX further deposited $24M worth of 3 assets to #Kraken, and #OKX in the past 5 hours:
250K $SOL ($13.5M)
8.27M $MATIC ($7.41M)
1,500 $ETH ($3.1M)Overall, as of Nov 14, #FTX and #Alameda have transferred out $438M worth of 42 assets to exchanges.
Currently, #FTX… https://t.co/5dQextvsLY pic.twitter.com/1EaSFdUFlC
— Spot On Chain (@spotonchain) November 14, 2023
SOL, the favored token in these transfers, has been a cornerstone of FTX and Alameda’s investments, particularly in the Solana blockchain, according to a CryptoPotato report. Despite the significant transfers, a substantial amount of SOL remains in cold storage, gradually unlocking over the next few years (from next year to 2027/2028). This move raises questions about their long-term plans, with potential implications for market dynamics and SOL prices.
Former Associates to FTX and Alameda Boss Start New Crypto Project, Raises Brows
Adding a twist to the narrative, two former associates of Sam Bankman-Fried, FTX and Alameda’s CEO, are launching a new exchange called Trek Labs. Can Sun, FTX’s former general counsel, and Armani Ferrante, a former Alameda software developer, successfully raised $20 million in funding, half of which came from FTX’s venture arm. Trek Labs plans to launch its beta version this month, offering a 10% stake and valuing the platform at over $100 million.
Ferrante’s disclosure about losing funds on FTX due to its collapse amid fraud charges against Bankman-Fried adds a layer of drama to the story. As Trek Labs enters the scene, the industry watches with anticipation, considering the implications of FTX and Alameda’s asset maneuvers and the potential competition from the new exchange.
The evolving crypto landscape is laden with intrigue and scrutiny. Investors and traders are advised to keenly observe these developments and consider their potential impact on the crypto market.
