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    FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute

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    FTX and Alameda Research cash out .8M to Binance, Coinbase, Wintermute

    Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies.

    Blockchain analysis firm Spot On Chain spotted the movement, estimating that the defunct entities have transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens.

    The latest transfer of $10.8 million was spread across eight tokens: $2.58 million in StepN’s GMT (GMT), $2.41 million in Uniswap’s UNI (UNI), $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM (FTM), $644,000 in Shiba Inu (SHIB) and small amounts of Arbitrum’s ARB and Optimism’s OP.

    On Oct. 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts. On Nov. 1, a similar transaction occurred between the parties involving $13.1 million being moved to Binance and Coinbase accounts.

    Related: Ex-FTX execs team up to build new crypto exchange 12 months after FTX collapse: Report

    The funds’ movement dates back to March, when FTX and Alameda began the process of recovering assets for investors. At the time, three wallets associated with FTX and Alameda Research moved $145 million worth of stablecoins to various platforms, including Coinbase, Binance and Kraken.

    Out of the lot, $69.64 million in Tether (USDT) was moved to custodial wallets on crypto exchanges, while the remaining 75.94 million USD Coin (USDC) was transferred to a Coinbase custodial wallet.

    While the troubled cryptocurrency exchange had recovered over $5 billion in cash and liquid cryptocurrencies at the time, its total liabilities exceeded $8.8 billion.

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