It’s been a while since the FTX exchange filed for bankruptcy and has ended up at the bankruptcy court. However, ever since the firm has been sent to bankruptcy court, multiple investigations have been launched against it.
FTX is Still Moving Funds
As the bankruptcy was filed by FTX, the bankruptcy court issued an order to the entity that it is not allowed to carry out any transfers or transactions.
Turns out, FTX has been totally going against the orders issued by the bankruptcy court as it has been carrying out transfers.
Despite the strict orders, the exchange is moving funds, which is very alarming for the entire cryptocurrency industry. It is more alarming, especially for creditors and customers who have their funds stuck at the exchange.
$145 Million Moved from FTX
The FTX brand had been operating as a successful and major exchange ever since it was launched in the industry.
Unfortunately, the tactics the exchange and its founder, Sam Bankman-Fried had adopted, failed to let the firm operate any further.
It reportedly ended up going bankrupt and everything went south from there. It ended up filing for bankruptcy in November 2022.
Although the court had ordered the exchange not to perform any transfers, it is still ignoring the orders and is carrying out transfers.
The latest activity pertaining to the FTX exchange shows the movement of $145 million in funds. These funds have been moved in the form of stablecoins.
The funds have been sent over to multiple operating platforms that are operating in different segments of the crypto industry.
Findings Shared by Lookonchain
The teams at Lookonchain have recently shared information about their findings involving the FTX exchange’s funds movements.
Their findings reveal that the particular activity was recorded on March 14, when the FTX platform carried out the transfer.
As per the data shared by Lookonchain, there were three wallets belonging to the FTX exchange responsible for carrying out the transfer.
Further investigation has revealed that these wallets were linked with Alameda Research as well, which is a subsidiary of FTX.
The funds associated with these platforms carried out two transfers. There was one fund transfer of $75.94 million worth of USDC. The second transfer was for $69.64 million worth of USDT.
Both stablecoins are pegged with the dollar, which means that their (per unit) value is equal to one dollar.
Lookonchain has even revealed, which platforms received the funds from particular wallets. The funds that were sent in USDC were received by the custodial wallets belonging to the Coinbase exchange.
As for the USDT funds, they were sent to more than one cryptocurrency exchange. These funds were sent to Kraken, Binance, and then once again, the Coinbase exchange.
Pressure on FTX and Alameda
Ever since both brands filed for bankruptcy, they have been pressurized by the court to return the funds to the rightful owners. In the case of both platforms, it is the investors as well as the creditors.
A few weeks back, the FTX teams revealed that they were working hard to ensure that they were able to recover all the funds.
However, the latest updates pertaining to the exchange’s activities are very alarming. Andy Dietderich, the FTX attorney has revealed that they have managed to recover a lot of funds already.
As of January 2023, the funds they have recovered so far are $5 billion. They have gathered the funds in the form of cash. They have even communicated having recovered funds in the form of cryptocurrencies.
The latest analysis suggests that the liabilities of the company to the investors and the creditors are more than $9 billion.
On one side, it is FTX that has been signing many deals to sell its assets to gulf-based companies to generate funds. On the other, there is Alameda Research which is also selling its assets to generate enough funds to compensate the investors/creditors.
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