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FTX the defunct crypto exchange and its sister company Alameda Research recently moved a hefty sum of crypto funds. According to the on-chain data analysis firm Lookonchain, FTX, and Alameda Research have reportedly shifted $23.59 million worth of assets across 19 different tokens to various leading crypto exchanges. This massive move occurred within the last four days.
FTX Paying Back To The Investors
FTX and Alameda Research have disbursed nearly $550 million to repay investors since October 24. The breakdown of the assets moved to fulfill the payback demand includes 3,150 ETH (valued at $6.8 million), 59.6 million ALEPH ($6.41 million), 3.60 million CRV ($2.48 million), 33,388 AVAX ($990,000), and 50,282 LINK ($848,000).
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Additionally, the transfer included approximately $6.07 million worth of 14 other altcoins. The assets included PUNDIX, RSR, DOGE, BCH, CHR, AXS, MATIC, UNI, ORBS, FXS, DOT, GMT, 1INCH, and SOL.
This move is part of a broader trend, as FTX and Alameda Research have been actively depositing assets onto exchanges. This accumulated a staggering total of around $591 million across 74 different tokens.
FTX presented an enhanced proposal to recover up to 90% of creditor assets held at the exchange before its failure in November. The debtors’ group, currently overseeing the bankruptcy process, will officially submit the plan to a U.S. Bankruptcy Court for review by December 16, 2023.
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Revised Reorganization Plans For FTX 2.0
FTX is gearing up to reveal a revamped reorganization plan by mid-December, aimed at compensating unsecured creditors. The plan is being introduced amid heightened activity surrounding the crypto exchange’s bankruptcy proceedings.
In a letter addressed to the FTX 2.0 customer Ad Hoc Committee, the Official Committee of Unsecured Creditors emphasized the significance of maintaining a balance in asset valuation. The committee also highlighted the importance of equitable distribution within the modified reorganization plan. This plan seeks to reconcile the diverse perspectives of the stakeholders.
The Official Committee closes the letter by expressing its eagerness to continue working with the FTX 2.0 customer Ad Hoc Committee.
US SEC Chief Gary Gensler hinted at potential approval for a revamped FTX crypto exchange. This approval, he suggested, would be contingent on the new leadership adhering to legal boundaries. Gensler’s comments came in response to reports indicating that Tom Farley, former president of the New York Stock Exchange, might be contemplating the purchase of the bankrupt crypto exchange originally founded by convicted fraudster Sam Bankman-Fried.
Also Read: Gemini AI Faces Mega Backlash, Google Makes Troubling Admission
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- Source: https://coingape.com/ftx-and-alameda-moved-23-mln-worth-of-eth-sol-and-other-tokens-to-crypto-exchanges/
