Three wallets linked to FTX and its subsidiary Alameda Research have moved 69.64 million USDT and 75.94 million USDC.
Even though there are multiple investigations going on, FTX continues to move money. The addresses were connected to the failed cryptocurrency exchange, and around $145 million in stablecoins were sent to a variety of operating platforms, according to reports.
Lookonchain noticed on March 14 that 69.64 million USDT and 75.94 million USDC have been moved from three wallets that are linked to both FTX and its subsidiary, Alameda Research. The Tether reserves have been moved to wallets that are held in trust by services like Coinbase, Binance, and Kraken. All of the USDC funds were moved to a wallet held by Coinbase.
Both FTX and Alameda are trying to get their assets back because they have to pay back money to different investors. Andy Dietterich, an attorney for FTX, says that by January 2023, the troubled cryptocurrency exchange will have gotten back $5 billion in cash and cryptocurrencies that are easy to sell. But its total debts are more than $8.8 billion.
The FTX bankruptcy case got a new update when a new deal was made with a company owned by the government of Abu Dhabi. The Abu Dhabi sovereign wealth fund paid $45 million to buy the last of Alameda Research’s shares in venture capital firm Sequoia Capital.
In March, Alameda Research took Grayscale Investments to court in the State of Delaware’s Court of Chancery. A statement says that the lawsuit wants to “unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts” and “realize over $250 million in asset value for customers and creditors of the FTX Debtors.”
As more and more lawsuits are filed against the bankrupt exchange FTX, some plaintiffs have asked for them to be grouped together. But on March 8, a judge said no to the request to join the cases, pointing out that the defendants had not yet been given a chance to respond. Recently, U.S. District Judge Jacqueline Corley turned down a request to combine five class-action lawsuits against FTX.
