Two digital wallets associated with the bankrupt FTX exchange and its sister trading firm Alameda Research have transferred a combined $8.3 million worth of cryptocurrency. According to a post by PeckShield on May 6, the FTX wallet sent over $2 million worth of Tether Gold (XAUT) to algorithmic trading firm Wintermute, while the Alameda wallet transferred over $6.3 million worth of Ether (ETH) to two unknown addresses. The reason for these transfers is unknown, but they come just before the deadline for FTX debtors to submit an amended version of the “Plan and Disclosure Statement” on May 7. This amended plan could provide more information on how FTX creditors will be compensated for their losses, with the deadline for objections set for June 5. The collapse of FTX and its numerous subsidiaries caused users to lose at least $8.9 billion in funds and triggered a prolonged period of decline in the cryptocurrency market. Some creditors are anticipating negative news regarding the amended plan and have urged users to reject it. Legal proceedings related to the FTX bankruptcy could take years to resolve, similar to the case of the Mt. Gox cryptocurrency exchange, where users are still awaiting compensation for a hacking incident in 2014.
FTX swiftly resolves $8.3M transfer on eve of revised proposal deadline
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