FTX and Alameda have been actively divesting their holdings in an effort to reach settlements with creditors amidst the twists and turns of the bankruptcy battle. Over the past 24 hours, both entities have transferred a significant amount of MATIC and AVAX to various exchanges, demonstrating their commitment to resolving their financial obligations.
FTX Deposits on Exchanges
Based on Spot on Chain analytics, FTX deposited $36.01 million worth of MATIC and AVAX to different exchanges within 24 hours. Coinbase and FalconX received a notable portion of these deposits, with 22.6 million MATIC valued at $17.2 million being sent to Coinbase, while FalconX obtained 975,859 AVAX worth $18.83 million.
In a noteworthy transaction, accounts associated with the defunct exchange FTX transferred approximately $3.16 million worth of Ethereum to the troubled former rival Binance. Wintermute Trading facilitated this transfer, which serves as a preliminary step towards subsequent asset transfers.
Unstaking of MATIC
On November 17, FTX and Alameda-related addresses unstaked 11.5 million MATIC valued at $9.24 million. This move further showcases the ongoing efforts to offload assets and settle outstanding debts.
Marginal Increase in Transferred Assets
Since October 24, FTX has effectively transferred $488 million across 48 different tokens. This figure indicates a slight increase from Monday’s closing sum of $452 million. Notably, SOL has emerged as the most transferred asset during this period, with approximately 6.9 million tokens worth $280.2 million being moved between wallets. Other notable assets include ETH, MATIC, RNDR, LINK, DYDX, GRT, LDO, MKR, MANA, BAND, CHZ, SUCHI, ENS, MASK, and more.
FTX’s Debt Settlement Plan
The recent ongoing asset sales align with FTX’s plan to settle its debts and resolve the bankruptcy proceedings. A report suggests that some FTX creditors have been offered as much as $0.6 to $0.65 on the dollar, marking a 30% increase from the initial offer presented in October.
The FTX court dispute continues with recent developments. Brandon Williams, one of the defendants in the FTX saga, has requested a Delaware court to delay the ongoing bankruptcy proceedings for further investigations into why the exchange became insolvent. Williams aims to examine the events between November 2021 and October 2022 that led to the demise of FTX.
As FTX and Alameda actively divest their holdings, their commitment to reaching settlements with creditors remains evident. The significant asset transfers and ongoing efforts to offload assets demonstrate their determination to navigate the bankruptcy battle. With FTX’s plan to settle debts and ongoing court disputes, the future of the exchange and its creditors still hangs in the balance.