Bankrupt Company AXS Holds 22 Altcoins and Sells These 5 Coins!

Surprisingly, cryptocurrency wallet addresses affiliated with FTX and Alameda Research transferred a total of $13.6 million in crypto assets to various different exchanges on November 1. These assets consisted of popular coins such as AXS and AAVE. This move raised eyebrows in the cryptocurrency community and led to speculation about the reasons behind these significant transfers. Here are the details…

FTX and Alameda are selling again: This time AXS is also sold

The first transfer saw the FTX wallet send $8.12 million to well-known exchange Coinbase. This transfer included various assets such as 46.5 million GRT (valued at $4.85 million), 972,073 RNDR ($2.3 million) and 708.1 MKR ($967,000). Three hours later, FTX and Alameda Research wallet addresses transferred an additional $5.49 million to Binance and Coinbase. The top three assets transferred in this round included 1.14 million DYDX ($2.64 million), 192,888 AXS ($1.05 million) and 5,858 AAVE ($522,000).

This latest series of transfers is not isolated; It seems to be part of an ongoing pattern. On October 31, the investment fund moved $19.5 million in assets, including GRT, MKR, and RNDR, to Coinbase. A few days ago, FTX sent approximately $8.6 million worth of cryptocurrency assets to the same exchange. Spot On Chain estimates that FTX and Alameda allocated a total of $83.6 million across 26 different tokens to various exchanges.

The exchange has 22 altcoins

The motivation behind these significant money transfers remains a matter of speculation. It is possible that FTX and Alameda are preparing to sell some of their holdings or are currently in the process of liquidation. Starting in September, a court ruling allowed FTX to sell, buy shares and take injunctions to manage risks to its assets. At the time, FTX was believed to control approximately $3.4 billion. Following the court’s approval, FTX Estate launched the sale of cryptocurrency assets with an initial limit of $50 million per week. Additionally, the exchange bet over SOL 5.5 million ($122 million). According to Spot on Chain, the exchange and Alameda hold the following 22 coins:

Regarding the impact of FTX’s asset sales, Coinbase does not expect any significant disruption to the market. The exchange currently maintains a weekly liquidation limit of $100 million. If changes occur, FTX’s maximum liquidation capacity could reach $200 million per week. While the cryptocurrency community is closely monitoring these large transfers, the reasons behind these actions remain a subject of intense debate. It remains unclear whether FTX and Alameda Research are strategically managing their holdings or whether they are signaling a larger market move, and the industry eagerly awaits further developments.