FTX-related stablecoins on the move: $145M transferred to crypto exchanges

Amid the aggregate ongoing investigations, FTX continues to determination funds. The addresses, related to the failed crypto exchange, reportedly transferred astir $145 cardinal successful stablecoins to a scope of operating platforms. 

As Lookonchain spotted connected March 14, 3 wallets, associated with some FTX and its subsidiary, Alameda Research, person moved 69.64 cardinal USDT and 75.94 cardinal USDC. The Tether reserves person gone to custodial wallets connected specified platforms arsenic Coinbase, Binance and Kraken. All funds successful USDC were transferred to Coinbase custodial wallet.

Both FTX and Alameda are successful the process of recovering their assets arsenic they look the demands to instrumentality the funds to antithetic groups of investors. According to FTX lawyer Andy Dietderich, already by January 2023, the troubled cryptocurrency speech has recovered $5 cardinal successful cash and liquid cryptocurrencies. However, its full liabilities transcend $8.8 billion.

Related: Crypto concern products spot largest outflows connected grounds amid SVB collapse

The latest update successful the FTX bankruptcy lawsuit came arsenic a caller woody had been struck with a institution owned by the authorities of Abu Dhabi. Alameda Research sold its remaining involvement successful task superior steadfast Sequoia Capital to the Abu Dhabi sovereign wealthiness money for $45 million.

In March, Alameda Research has filed suit against Grayscale Investments successful the Court of Chancery successful the State of Delaware. The suit seeks to “unlock $9 cardinal oregon more successful worth for shareholders of the Grayscale Bitcoin and Ethereum Trusts […] and recognize implicit a 4th cardinal dollars successful plus worth for the FTX Debtors' customers and creditors,” according to a statement.

As cases against FTX heap up, immoderate plaintiffs requested the consolidation of lawsuits against the bankrupt exchange. However, connected March 8, a justice denied the consolidation request, highlighting that the defendants person not yet been allowed to respond. U.S. District Judge Jacqueline Corley precocious denied the petition to consolidate 5 projected class-action suits against FTX.