FTX and its sister company, Alameda Research, have deposited $24 million worth of digital assets onto exchanges Kraken and OKX, as reported by Spot On Chain today.
Over the past few hours, FTX has deposited three different assets to the two exchanges days after transferring more to Binance, among other centralized exchanges.
FTX and Alameda Research have executed substantial asset transfers, depositing 250,000 SOL ($13.5M), 8.27M MATIC ($7.41M), and 1,500 ETH ($3.1M) to exchanges, specifically Kraken and OKX.
That adds to the cumulative transfers, which, as of November 14, now total an impressive $438 million across 42 different tokens.
FTX’s liquidity is declining despite these transfers, with only 3,408 SOL ($179K) remaining in Cold Storage 2. However, a substantial amount of 42.2M SOL ($2.19B) remains locked up, scheduled to unfreeze from next year through 2027 or 2028 gradually.
This is not an isolated incident, as FTX and Alameda have transferred assets over the last few weeks. On November 8 alone, they moved over $38 million of digital assets to various exchanges. The tokens involved in these transfers included SOL, ENS, GMT, LDO, APE, BADGER, and BNT, with SOL accounting for the majority at $31.2 million.
The recent movement of assets by FTX and Alameda to exchanges has raised concerns among investors. The significant transfers suggest a plan to liquidate substantial holdings, prompting apprehensions about potential impacts on market dynamics and token prices.
The recent transfer comes as recent developments reveal that two former colleagues of Sam Bankman-Fried, who was recently convicted on seven fraud charges, are establishing a new cryptocurrency exchange.
Can Sun, FTX’s former general counsel, and Armani Ferrante, a former software developer at Alameda Research, have joined forces to create Trek Labs.
Trek Labs closed a $20 million funding round in September 2022, with FTX’s venture arm contributing half of the investment. Ferrante disclosed to the Wall Street Journal that he held most of the funds raised on the FTX exchange and suffered losses when it collapsed. The new exchange seeks to sell a 10% stake, valuing the platform at over $100 million. The beta launch is expected later this month.
As Trek Labs prepares to enter the cryptocurrency arena, there is heightened attention on the fate of locked assets held by FTX and Alameda, especially the significant holdings of SOL. The unfolding situation adds intrigue and scrutiny to the evolving landscape of cryptocurrency exchanges.