Blockchain analytics platforms Spot On Chain and Arkham Intelligence have reported significant cryptocurrency transfers linked to bankrupt firms Alameda Research and FTX. Over $10 million in digital assets were moved to exchange deposit accounts within a five-hour window from October 24 to 25.

An address suspected to belong to FTX initiated the activity, transferring 2,904 Ether, valued at over $5 million, to a known Wintermute address. This address then moved approximately 1,904 ETH worth about $3.38 million to Wintermute, Binance and the remaining 999.9 ETH, valued at $1.78 million, to Coinbase.

Minutes later, a wallet tied to Alameda Research sent an assortment of tokens, including LINK, MKR, and AAVE, valued at $95, to the Wintermute address. Three test transactions were also conducted from Alameda Research Wallets to this address. Following these test transfers, approximately 1,341K MKR tokens worth $2.02 million were moved from the FTX Cold Storage to the Wintermute address.

The Wintermute address engaged in a series of transactions that involved moving 98,807 LINK, 11,974 AAVE, and 1,341 MKR to its Binance wallets. The cumulative transfers among Wintermute, FTX, Alameda, Binance, and Coinbase amounted to 2,904 ETH, valued at approximately $5.18 million, 1,341 MKR worth around $2.02 million, 198,000 LINK with an estimated value of $2.26 million, and 12,000 AAVE valued at roughly $1.03 million.

The activity continued over the next five hours, with an additional $5 million in various cryptocurrencies sent to this address by FTX and Alameda wallets. Notably, the assets included COMP and RNDR tokens. The total value of the transferred assets during this period amounted to $10,362,403.

Arkham Intelligence data suggests that these movements are part of FTX’s exploration of investment diversification strategies. This flurry of transfers follows a Delaware Bankruptcy Court’s decision on September 13 to allow the liquidation of $3.4 billion in crypto assets held by FTX and Alameda Research. FTX and Alameda Research have also been diversifying their investment strategies, recently transferring $170 million in cryptocurrencies like SOL, ETH, and MATIC for staking purposes. Amidst this, legal disputes between regulatory bodies and the firms, including their founders and former management, remain ongoing.