In an intriguing Dance of the Digital Dollars, FTX and Alameda Research have made it rain to the tune of $10.8 million on Binance, Coinbase and Wintermute. And they didn’t just use any old cryptocurrency; they spread the love across eight sassy tokens: StepN (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB) and Optimism (OP).
The eagle-eyed sleuths from blockchain analysis firm – Spot On Chain, tipped us off about the movements of these former crypto trade heavyweights and their, shall we say, generous disbursements. Since October 24, they’ve been flinging digital cash around like it’s going out of fashion. The grandiose total? A staggering $551 million, spread across 59 cryptocurrency tokens.
On the first night of the Money Masquerade, October 24, FTX and Alameda wallets organically sprouted $10 million. This mysterious monetary blossom was later scattered to the digital winds of Binance and Coinbase accounts. Just a week later, the Bitcoin Ball continued with another similar transaction of $13.1 million, again sent spiraling to Binance and Coinbase accounts.
This monetary ballet originated in March, when FTX and Alameda began pirouetting their way through the asset recovery process for their investors. They moved an awe-inspiring $145 million in stablecoins to various platforms such as Coinbase, Binance and Kraken.
Despite this glittering cascade of recovered wealth, outstripping $5 billion in cash and liquid cryptocurrencies, the erstwhile exchange still falls short with liabilities surpassing the $8.8 billion mark. Quite the cliffhanger, isn’t it? Our tip? Keep your eye on the crypto-verse, it never skips a beat.