Wallets linked to bankrupt crypto firms Alameda Research and FTX transferred over $10 million worth of cryptocurrency to exchange deposit accounts in five hours from Oct. 24 to 25, according to data from blockchain analytics platform Spot On Chain. The movement of these funds may indicate that the firms plan to sell some assets to pay back creditors.

#FTX and #Alameda related addresses are depositing tokens to exchanges!

Via address 0xde9, #FTX 0x97f and #Alameda 0xf02 have transferred

2,904 $ETH ($5.21M)
1,341 $MKR ($2.01M)
11,975 $AAVE ($1.02M)
198,807 $LINK ($2.27M)

to #Binance  and #Coinbase in the past 5 hours.… pic.twitter.com/MQxCySp8g0

— Spot On Chain (@spotonchain) October 25, 2023

According to Spot on Chain data, an address listed as “likely” belonging to FTX transferred 2,904 Ether ( ETH ), worth over $5 million at the time, to another address at 8:18 pm UTC on October 24. This address then sent $3.4 million of the funds to a Binance deposit address and $1.8 million to a Coinbase deposit address. Thirty-nine minutes later, a wallet identified as belonging to Alameda Research sent $95 worth of tokens to this address, including some LINK ( LINK ), MKR and AAVE ( AAVE ).

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Over the next five hours, an additional $5 million worth of cryptocurrency was sent to this address by FTX and Alameda wallets, including some COMP ( COMP ) and RNDR. At around 2:00 am UTC on Oct. 25, this address sent approximately $2 million worth of LINK, $2 million worth of MKR and $1 million worth of AAVE to a Binance deposit address. The total value of cryptocurrency sent to exchange deposit addresses during this period was $10,362,403, according to Spot on Chain data.

On Sept. 13, a Delaware Bankruptcy Court approved a plan to liquidate $3.4 billion worth of crypto assets that FTX and Alameda Research held. The announcement sparked fears that liquidating such a large amount of crypto may cause a slump in the market. However, experts have argued that the gradual, phased nature of the liquidation should limit its influence on the market .