- Alameda Research received Tether worth $6 million from a Bitfinex wallet
- They also received USD Coin worth $4.5 million
Alameda Research, FTX’s bankrupt sister firm, received Tether worth $6 million from Bitfinex's hot wallet to its Ethereum wallet last night, CoinDesk reported, citing Nansen data.
The wallet also received $4.5M in USDC
The Ethereum wallet also received USD Coin worth $4.5 million from an unknown entity. It seems to be consolidating assets corresponding to bankruptcy proceedings. The total comes to an impressive $10.5 million in the last 24 hours.
Alameda now holds over $200M
Alameda’s Ethereum wallet currently holds $26 million in ether (ETH) and $183 million in various altcoins. Since it was opened a month ago, it has received a number of transactions from another Alameda Research address.
The biggest share is attributed to BitDAO tokens (BIT). Alameda holds BIT worth $54 million, but that’s no reason to celebrate. BIT has just 2% market depth, a metric designating the amount of capital needed to move the coin by a certain percentage. Low depth means poor liquidity.
FTX recovered $5.5B in assets
In January, it emerged that bankrupt crypto exchange FTX hadrecovered assets worth more than $5 billion since November 2022, when both FTX and Alameda crashed.
FTX also recovered crypto worth $425 million held by the Bahamas Securities Commission according to bankruptcy attorney Adam Landis of Landis, Rath & Cobb. During a hearing, Landis added that an undisclosed amount owed to FTX clients was still missing. He stated:
We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.
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