$145M FTX-related Stablecoins Transferred To Crypto Exchanges

FTX keeps moving money even as several investigations are still going on. Some $145 million in stablecoins were purportedly moved to multiple platforms from addresses connected to the defunct cryptocurrency exchange.

Three wallets connected to FTX and its affiliate Alameda Research have transferred 69.64 million Tether and 75.94 million USD Coin, according to information discovered by Lookonchain on March 14. The Tether reserves have been transferred to custody-based wallets on websites like Kraken, Binance, and Coinbase. A Coinbase custodial wallet was used to receive all USDC money.

While they are being pressured to repay the money to various investor groups, FTX and Alameda are both in the process of recovering assets. By January 2023, the struggling cryptocurrency exchange will have retrieved $5 billion in cash and liquid coins, according to FTX attorney Andy Dietderich.

A new agreement had been reached with a business owned by the government of Abu Dhabi when the most recent development in the FTX bankruptcy case emerged. For $45 million, Alameda Research sold the Abu Dhabi sovereign wealth fund its last remaining stake in the startup capital firm Sequoia Capital.

Alameda Research sued Grayscale Investments in the Delaware Court of Chancery in March. The action aims to “realize over a quarter billion dollars in asset value for the FTX Debtors’ clients and creditors” and “unlock $9 billion or more in value for stockholders of the Grayscale Bitcoin and Ethereum Trusts,” according to a release.

Several plaintiffs asked for the consolidation of litigation against the insolvent exchange as the number of complaints against FTX increased. On March 8, a court, noting that the defendants had not yet been given the opportunity to react, rejected the request for consolidation. Jacqueline Corley, a district judge for the United States, has turned down the request to combine five potential class-action lawsuits against FTX.

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