A wallet linked to the liquidators of the Alameda Research estate sent $100 million in stablecoins to crypto trading firms Cumberland and GSR Markets.
After that initial transfer, stablecoins worth $188.5 million were once more transferred on March 14 from three other accounts connected to FTX and Alameda to other major exchanges.
On March 13, over $47 million worth of USDC was sent to GSR Markets. A total of $50.3 million was sent to Cumberland across two transactions, according to on-chain analysis conducted by Arkham Intelligence.
USDC was one of the cryptocurrencies affected by a depeg over the weekend due to banking concerns in the United States. The three top exchanges among those who received funds from the Alameda wallet.
According to the blockchain detective Lookonchain, three more wallets previously connected to FTX and Alameda sent $188.58 million to the cryptocurrency exchanges Coinbase, Kraken, and Binance.
It is unclear whether the cash are being consolidated by the bankruptcy officials or are being invested to generate a yield. The newly appointed chief executive officer (CEO) of FTX, John J. Ray III, who was paid $690,000 for his first two months in the role, has been considering a variety of measures to make creditors whole since the failure of FTX and Alameda in November.
Ray declared that “everything is on the table” during an interview with the Wall Street Journal in January. If there is a method to proceed with it, we will not only look into that potential but also put it into practice.