FTX Trading Ltd. and Alameda Research seem to be unable to stay out of the headlines. After their collapse in late 2022, the firms have experienced an almost unbelievable roller coaster of events. Even more surprising is the fact that the firms continue to operate.
Despite the arrest and conviction of former CEO Sam Bankman-Fried, the companies have kept the lights on.
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While it may seem impossible for the companies to continue operations, they still have huge obligations to fulfill for their investors. Without these obligations, the businesses would almost certainly have been shut down. But the obligations to return funds to investors have allowed the companies to continue operating in hopes of appeasing investors before shutting down for good.
FTX creditors and investors have only received a portion of their investments back. At the time of the collapse, FTX had nearly $9 billion in liabilities. While they have been able to pay off around $5 billion of those, there are several billion dollars that have yet to be returned.
Since Oct. 24, FTX and Alameda Research have transferred over $550 million to pay back investors.
FTX and Alameda’s most recent cash out for $10.8 million was in the form of eight tokens across three exchanges. According to Spot On Chain, the firms transferred the following tokens to Wintermute, Binance and Coinbase:
STEPN (GMT): 10 million tokens, $2.58 million
Klaytn (KLAY): 8.76 million tokens, $1.64 million
Shiba Inu (SHIB): 77.77 billion tokens, $644,000
Synapse (SYN): 5.23 million tokens, $2.25 million
Uniswap (UNI): 407,000 tokens, $2.41 million
Fantom (FTM): 3.87 million tokens, $1.18 million
Small amounts of Arbitrum (ARB) and Optimism (OP)
Spot On Chain can monitor the wallets because all data is publicly available on the blockchain. It built algorithms that can parse through the millions of transactions and find any that stick out.
FTX and Alameda have been transferring assets since March. While it still owes several billion dollars, FTX believes that it can repay 90% of its liabilities by the end of the second quarter of 2024. There also have been talks of creating an FTX…
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