Bankrupt cryptocurrency exchange FTX has continued to benefit from the global cryptocurrency market’s recent price rally – which has brought more value to the company to help repay its customers.
FTX Offloads $6.45M Worth of ETH
Lookonchain monitoring revealed that as Ether (ETH) soared past $3,200 on Tuesday, wallet addresses linked to FTX/Alameda deposited 2,000 ETH, valued at $6.45 million, into Coinbase. This means that FTX is potentially selling these tokens in preparation for the customers’ repayment as part of its bankruptcy proceedings.
As the price of $ETH increased, FTX/Alameda deposited 2,000 $ETH($6.45M) into #Coinbase to sell again.https://t.co/xlbiVr7OhS pic.twitter.com/EXk0u1npzc
— Lookonchain (@lookonchain) February 27, 2024
This sale follows a series of deposits by FTX into crypto exchanges over the past year – signaling a sell-off of its crypto holdings.
FTX Selling Spree
After moving around $20 million worth of crypto assets to exchanges, these addresses transferred 129.8 million TRX (worth $13.4 million) to Binance and 7.6 million MATIC ( $5.75 million) to Coinbase last November.
Fast forward to this year, the addresses transferred $4.1 million worth of CRO into Coinbase on January 4. Shortly after, they moved $2.4 million worth of ETH to the same exchange and 200 WBTC ($9 million) into Binance. Later that month, FTX/Alameda deposited around $21 million worth of crypto to various exchanges. Earlier this month, the addresses moved approximately $3.3 million in multiple cryptocurrencies to FalconX, Coinbase, Coinbase Prime, and Binance.
These liquidations came after the company’s management secured approval from the Delaware Bankruptcy Court in September to sell $3.4 billion worth of crypto assets that FTX and Alameda Research held.
The court order mandated a gradual, phased sale of the assets to minimize the immediate impact on the market.
Last week, Lookonchain revealed that the value of crypto holdings linked to FTX Alameda has grown to around $1.19 billion.
With these developments, there is a higher possibility that FTX customers will be repaid in full.
