FTX/Alameda Cryptocurrency Exchange has recently transferred a total of 59 million dollars in various crypto assets.
According to recent updates provided by data analytics firm Lookonchain, this includes significant amounts in Solana (SOL), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and several other cryptocurrencies.
Liquidation of shares
Last month, the court approved FTX’s request to liquidate its cryptocurrency holdings. This decision, which allows FTX to sell up to $100 million worth of cryptocurrency weekly, was made in an effort to pay its clients in US dollars and mitigate the inherent risks linked to cryptocurrency market volatility.
The ruling also allows FTX to engage in hedging and staking agreements, allowing the company to earn passive income from more conventional crypto assets like Bitcoin and Ethereum.
This move was largely supported by committees representing both US and international FTX clients.
According to Lookonchain, eight FTX/Alameda addresses currently maintains approximately 619 million dollars.
The Bankman-Fried trial
In a turn of events in the courtroom, former FTX head Sam Bankman-Fried took the stand before Judge Lewis Kaplan.
The 31-year-old businessman, who faces charges of misleading investors and misappropriating funds from his bankrupt exchange FTX, argued that his actions were based on legal advice.
When Bankman-Fried’s credibility and decisions, including automatically deleting group chat settings, came under scrutiny, she underscored her reliance on legal advice for several deals.
He especially highlighted his trust in his legal team when it came to obtaining bank accounts for his companies. However, prosecutors responded, suggesting that using a lawyer could be moot if the lawyers were not fully informed.
