12 April, 2024

FTX and Alameda Unveil a $105.9 Million Altcoin Maneuver: Report

02 Apr, 2024

02 Apr, 2024

  • Spot On Chain revealed a major transfer of $105.9 million in 19 altcoins from FTX and Alameda Research, sparking market speculation.
  • GT, LEO, and VIC lead the transfer, comprising a significant portion of the value and highlighting the diversity and impact of the assets involved.
  • Following the transfer, $16 million in assets were deposited into centralized exchanges, hinting at strategic financial moves within the crypto landscape.

In a notable shift within the cryptocurrency landscape, the distinguished blockchain analytics platform Spot On Chain disclosed an intriguing activity linked to FTX and Alameda Research through a recent X post. According to platform findings, a staggering sum of $105.9 million, encompassing 19 different altcoins, was transferred from the wallets associated with FTX and Alameda Research to two intermediary wallets approximately 14 hours ago. This movement is significant not just for its sheer volume but for the variety and value of the altcoins involved.

Among the cryptocurrencies transferred, three contributed substantially to the total value moved. A hefty 3.17 million GT tokens, valued at around $31.3 million, led the pack, followed closely by 3.37 million LEO tokens, which added $20.4 million to the tally. A transfer of 16.9 million VIC tokens was not far behind, amounting to $16.7 million. Additionally, the transaction included a diverse mix of 16 other assets, including HXRO, KNC, CQT, and GF, contributing another $37.6 million to the overall movement.

Source: Image by Spot On Chain

The intrigue deepened as Spot On Chain reported that approximately $16 million worth of assets, spanning 13 different altcoins, have been deposited into centralized exchanges (CEX) following this massive shuffle. This movement of funds raises questions and speculations among the cryptocurrency community regarding the intentions behind these transactions and their potential impact on the market.

The disclosed transfers are not just numbers; they represent a significant maneuver within the cryptocurrency domain, hinting at strategic realignments or liquidity adjustments by FTX and Alameda Research. As the situation unfolds, stakeholders and observers keenly watch these developments, pondering their implications for the broader crypto market. This event underscores the cryptocurrency ecosystem’s dynamic and often unpredictable nature, where significant transfers could have ripple effects across exchanges, influencing sentiment and market dynamics.


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