In a recent crypto market shake-up, cryptocurrency exchange FTX, operated by Alameda, has orchestrated a whopping $59 million transfer in various digital assets. This financial maneuver, as disclosed by the data analytics authority Lookonchain, encompasses significant holdings in Solana (SOL), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and an array of other cryptocurrencies.
The crypto community was left buzzing as the news unfolded. It has been under the spotlight due to a pivotal court decision that granted the exchange’s plea to liquidate its crypto holdings. The court sanctioned this move, enabling FTX to vend up to $100 million worth of digital assets every week. This decision’s primary objective is to reimburse customers in U.S. dollars and hedge against the ever-volatile crypto market.
Furthermore, the court’s ruling gives FTX the green light to engage in hedging and staking arrangements, providing the exchange with avenues to generate passive income from more traditional crypto assets, including Bitcoin and Ethereum. This strategic shift garnered substantial backing from committees representing both U.S. and international customers of FTX.
FTX Holds $619M Across 8 Addresses
Lookonchain’s data reveals that eight FTX/Alameda addresses collectively hold a substantial stash of approximately $619 million in digital assets, highlighting the magnitude of these financial maneuvers.
Amidst this financial whirlwind, a courtroom drama unfolded when former FTX head, Sam Bankman-Fried took center stage before Judge Lewis Kaplan. Facing allegations of misleading investors and misappropriating funds from his now-bankrupt exchange, Bankman-Fried mounted a vigorous defense. He argued that legal advice consistently guided his actions, striving to cast doubt on the accusations.
When pressed on his credibility and some contentious decisions, such as auto-deleting group chat settings, Bankman-Fried doubled down on his unwavering reliance on legal counsel for many of his decisions. Particularly, he underscored the importance of his legal team’s involvement in securing bank accounts for his business ventures. Nonetheless, the prosecution raised concerns about the extent of his reliance, questioning whether the legal advice was always fully informed.
The courtroom drama and FTX’s financial maneuvers have set the stage for a riveting saga in cryptocurrency. As the crypto market continues to evolve, all eyes are on the future of FTX and its embattled former leader, Sam Bankman-Fried.
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