FTX and Alameda Move $22 Million in Crypto: Massive dump?

FTX and Alameda Research transferred $22 million worth of various cryptocurrencies yesterday 2nd of December, as reported by Lookonchain. This transfer includes a mix of digital assets like $9.2 million in $IMX, $5.29 million in $GMT, $3.4 Million in $ETH, and others. Many believe they are preparing to sell these tokens.

Since FTX and Alameda declared bankruptcy, they have transferred about $551 million in cryptocurrencies to various exchanges. Recently, they moved $10.8 million in eight different tokens to various exchanges like Wintermute, Binance, and Coinbase.

Significant transactions include a $10 million transfer to one wallet on Oct. 24 and a $24 million move across exchanges on Nov. 14. A U.S. court approved their plan to sell digital assets initially up to $100 million and now up, to $200 million.

The first major transfer happened in March 2023, when they moved $145 million in stablecoins to Coinbase, Binance, and Kraken. Even after recovering over $5 billion in assets, FTX faces debts worth more than $8.8 billion. The movements of these assets are part of their effort to manage debts and provide some relief to creditors. The future outcome of these financial efforts remains uncertain.