In a strategic financial maneuver, FTX and Alameda Research carried out a massive transfer of $170 million worth of cryptocurrencies, including SOL, MATIC, to centralized exchanges (CEX). As reported by Spot on Chain, this meticulously planned move is an important step in their asset liquidation strategy. It underlines their ongoing commitment to accumulate funds on CEX platforms in preparation for the imminent liquidation of assets.
FTX sells SOL, MATIC, ETH
As of November 2, FTX made a significant allocation of $83.6 million across 26 different EVM tokens, bringing the cumulative amount transferred to CEX to $169.6 million. Among the assets included in this transfer, SOL (Solana) took the lion’s share with 61 million dollars, followed by RNDR with 22 million dollars, MATIC (Polygon) with 14 million dollars and other cryptocurrencies. A breakdown of these assets can be found in the tweet below.
FTX’s gradual transfer of funds to CEX is perceived as a meticulous part of its preparations for the planned liquidation of $3.4 billion worth of assets. This liquidation plan had previously received court approval in September, thus ensuring a controlled and orderly process. To facilitate this, FTX implemented a $100 million weekly sales limit and Galaxy Digital served as custodian for these transactions.
The cryptocurrency market is affected by these developments
Despite the intention that these transactions remain confidential and not made public, 10 days’ notice must be given to both the court and creditors before any sale can take place. A notable aspect of this strategy is its potential impact on the cryptocurrency market, especially considering current bullish signs. Cryptocurrency markets are showing strong signs of entering a bullish phase, and the gradual release of significant amounts of capital could impact market dynamics. Traders and investors are monitoring the situation closely and assessing its impact on overall market sentiment and asset prices.
Meanwhile, in the seven hours leading up to November 2, FTX and Alameda Research made another significant transfer, this time involving 9 assets worth a total of $46 million. Transferred assets include 500,000 SOL (21.6 million USD), 14 million MATIC (9.3 million USD), 2,784 ETH (5.15 million USD), 810,000 MASK (2.51 million USD), 2.1 million SUSHI ($2.37 million), 767 10,000 BAT ($1.64 million), 71.6 million GALA ($1.4 million), 650,000 LDO ($1.22 million) and 4.47 million C98 ($842,000). ) is available. FTX/Alameda has transferred a total of 30 assets worth approximately $170 million since October 26.