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FTX continues to move funds amid ongoing investigations as $145M transferred to crypto exchanges

In this post:

  • FTX keeps moving funds despite numerous ongoing investigations.
  • It was discovered that Three wallets linked to the troubled crypto exchange and its subsidiary, Alameda Research, have transferred 69.64 million Tether USDT and 75.94 million USD Coin.

FTX keeps moving funds even as numerous investigations are still going on. Some $145 million in stablecoins were purportedly transferred to multiple platforms from addresses connected to the defunct cryptocurrency exchange

Lookochain discovered on march 14 that Three wallets linked to the troubled crypto exchange and its subsidiary, Alameda Research, have transferred 69.64 million Tether USDT and 75.94 million USD Coin to other custodial wallets like Binance, Coinbase, and Kraken.

As they are being pressured to repay the money to various investor groups, FTX and Alameda are both in the process of recovering assets. By January 2023, the troubled cryptocurrency exchange would have retrieved $5 billion in cash and liquid coins, according to FTX attorney Andy Dietderich. Its overall liabilities, however, are greater than $8.8 billion.

A new agreement had been reached with a company owned by the government of Abu Dhabi when the most recent development in the FTX bankruptcy case emerged. For $45 million, Alameda Research sold the Abu Dhabi sovereign wealth fund its remaining stake in the private capital firm Sequoia Capital.

Court Rejects Request to Join Five Potential Class-Action Lawsuits Against FTX

Some plaintiffs asked for the consolidation of lawsuits against the insolvent exchange as the number of complaints against FTX increased. On March 8, a judge, noting that the defendants had not yet been given the opportunity to react, rejected the request for consolidation. Jacqueline Corley, a district judge for the United States, has turned down the request to combine five potential class-action lawsuits against the troubled crypto exchange.

In the Court of Chancery in Delaware, Alameda Research filed a lawsuit in March against Grayscale Investments over the $ 9 billion value of shareholders of bitcoin and Ethereum trust. They realized quarter billion dollars in assets value for FTX debtors’ customers and creditors, as per the statement.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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