FTX-related stablecoins on the move: $145 million transferred to crypto exchanges

Amid the many ongoing investigations, FTX continues to move assets. The addresses, related to the bankrupt crypto exchange, reportedly transferred about $145 million worth of stablecoins to a range of operating platforms.

FTX moves $145 million in assets

Like Lookonchain on March 14 noticed, 3 wallets associated with both FTX and its subsidiary, Alameda Research, moved 69.64 million USDT and 75.94 million USDC. The Tether reserves have gone to custodial wallets on platforms like Coinbase, Binance, and Kraken. All funds in USDC have been transferred to Coinbase’s custodial wallet.

Both FTX and Alameda are in the process of recovering their assets. Namely, they are faced with the demands to return the assets to different groups of investors. According to FTX attorney Andy Dietderich, the cryptocurrency exchange has recovered $5 billion in cash and liquid cryptocurrencies as early as January 2023. However, total liabilities exceed $8.8 billion.

More and more cases against FTX

The latest update in FTX’s bankruptcy case came as a new deal was struck with a company owned by the government of Abu Dhabi. Alameda Research sold its remaining stake in venture capital firm Sequoia Capital to Abu Dhabi’s sovereign wealth fund for $45 million.

In March, Alameda Research filed a lawsuit against Grayscale Investments in the Court of Chancery in the US state of Delaware. The lawsuit aims to “release $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts, and realize more than a quarter of a billion dollars in asset value for the clients and creditors of the FTX Debtors,” it said. a statement.

As the cases against FTX pile up, some plaintiffs are asking for consolidation of lawsuits against the bankrupt exchange. However, on March 8, a judge rejected the consolidation request, stressing that the defendants have not yet been allowed to respond. U.S. District Judge Jacqueline Corley recently denied a request to consolidate five proposed class action lawsuits against FTX.

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