FTX and Alameda move another $10.8 million to Binance and Coinbase

The saga surrounding the collapse of FTX continues. According to a recent analysis by Spot On Chain, wallets associated with defunct FTX and Alameda Research recently transferred $10.8 million in cryptocurrencies to accounts managed by Binance, Coinbase and Wintermute.

FTX and Alameda Research continue to empty their reserves

While the bankruptcy of FTX continues to make waves, the fallen exchange and its sister company Alameda Research have once again emptied part of their reserves of cryptocurrencies.

According to a report from the analysis company Spot On Chain, no less than $10.8 million has been transferred recently to accounts managed by Binance, Coinbase and Wintermute.

This umpteenth operation comes after more than $551 million in cryptocurrencies have already been exited from the accounts of FTX and Alameda Research. In all, no less than 59 different cryptos were used for these transfers. The most recent, worth $10.8 million, involved altcoins such as Stepn (GMT), Uniswap (UNI) and Synapse (SYN)..

While no official explanation has yet been given as to the final destination and use of these funds, their continued transfer to exchange platforms raises serious doubts. Is it really a question of securing these digital assets and then compensating FTX’s aggrieved creditors and customers? Or are they dubious operations designed to conceal certain funds?

The downward spiral of the FTX bankruptcy is far from over!

In any case, these revelations show once again the extent to which the Krach of FTX is far from having revealed all its secrets. Between alleged embezzlement, missing funds and offshore accounts, the grey areas surrounding the collapse of the de Sam Bankman-Fried are still numerous.

There’s every reason to believe that the coming months will bring yet more startling revelations about the background to this extraordinary affair. An affair which, whatever happens, will remain a major trauma and a turning point in the turbulent history of cryptocurrencies.

Pending his trial, which has been postponed until March 2024, the alleged mastermind of the scam, Sam Bankman-Fried, continues to languish in the shadows of a cell.