A series of transfers from bankrupt cryptocurrency exchange platform FTX and sister company Alameda Research to Coinbase have raised speculations in the crypto community. The recent transfer follows previous transactions between the two companies and Coinbase.
Shedding more light on the transactions, on-chain data tracker SpotOnChain tweeted that FTX and Alameda deposited 44.19M CRO tokens to Coinbase. The transfer, which occurred in four tranches, occurred in the early hours of Thursday and is worth around $4.17m.
SpotOnChain disclosed that FTX and Alameda had cumulatively deposited tokens worth $13.99M in Coinbase in the past two weeks. Tokens deposited include ETH, CRO, MATH, MPL, and BLZ.
Despite the transfers, the wallet addresses of FTX and Alameda continue to hold over $278 million worth of crypto assets. According to data on SpotOnChain, the largest holding in the wallet addresses is the 25 million WLD token, worth an estimated $77.70 million.
The series of transfers follow a backlash from the crypto exchange’s creditors over the repayment of debt plans. Late last month, FTX unveiled a repayment plan, which values crypto assets as of November 2022 market prices.
The widely criticized plan valued BTC at $16,000, Ethereum at $1200, and SOL at $16, far below current market prices. At present, BTC is trading at approximately $43,000, Ethereum at $2200, and Solana at $100, according to CoinMarketCap data.
Last November, a court found FTX co-founder Sam Bankman-Fried guilty of market manipulation, money laundering, and misuse of customer funds. Recently, prosecutors handling the case disclosed they would not pursue a second trial previously scheduled for March against the troubled founder.
With sentencing set for March, the 31-year-old could be sentenced to over 100 years in prison. His conviction earmarked the regulatory onslaught that industry leaders faced last year, following a tumultuous 2022 that wiped billions off the crypto market.
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