A significant amount of crypto funds have been reported to move out of wallets associated with FTX and Alameda, adding to the $8.6 million initially observed flowing from these wallets to Binance earlier in the week. The movement of these digital assets has caught the attention of the cryptocurrency community and raised questions about the intentions behind these transactions.
According to well-known analyst firm Nansen, the initial $8.6 million left both FTX and Alameda, subsequently traversing intermediary wallets before ultimately landing on the two major exchanges. The tracking of these funds has been made more accessible through the use of an Entity Profiler, which consolidates known FTX and Alameda Ethereum Virtual Machine (EVM) addresses into one comprehensive resource.
Beyond the initial transfer of $8.6 million, further substantial sums have been discovered, leaving wallets associated with FTX and Alameda. These funds, which amount to $24.3 million, have been deposited into cryptocurrency exchanges Binance and Coinbase, leaving the community to ponder the motivations and implications of these transfers.
Additionally, a substantial amount of 943,000 Solana (SOL) tokens, valued at just under $32 million, have been moved from the FTX Cold Storage wallet. This development brings the total funds that have left FTX and Alameda wallets this week to a staggering figure of more than $60 million.
FTX Founder’s Defiant Testimony
Meanwhile, according to the latest update from the FTX founder, Sam Bankman-Fried’s trial, he found himself at the center of attention as he took the stand to testify at his criminal fraud trial in a federal court in New York. Bankman-Fried, a 31-year-old figure in the crypto industry, firmly denied any involvement in fraud or theft from FTX’s customers. Despite the ongoing legal proceedings, he emphasized his commitment to making the cryptocurrency exchange successful.
During his testimony, Bankman-Fried admitted to making small and significant mistakes in his leadership, acknowledging “significant oversights” that negatively impacted the exchange’s customers. He explained that the exchange was originally intended to advance the cryptocurrency ecosystem, but the reality turned out to be quite the opposite.
Nevertheless, the trial, which has garnered significant attention from the crypto community, serves as a striking commentary on the cryptocurrency industry’s vitality and the challenges faced by prominent figures like Sam Bankman-Fried in navigating this rapidly evolving space.
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