Bankrupt FTX and Alameda transferred more than $8 million in assets amid market surge.

Cryptocurrency wallets associated with the now-defunct FTX exchange and its counterpart Alameda Research have moved more than $8 million in digital assets over the past 24 hours amid a surge in broader cryptocurrency markets.

Depending on the SpotOnChain, a blockchain analytics company, reported that on the morning of February 27, these companies transferred 2,000 Ethereum worth about $6.36 million to Coinbase and 163,727 PROM tokens worth about $2.04 million to Binance.

Last day, Bitcoin rebounded above $57,000 for the first time since November 2021. However, as of press time, the price has retreated slightly to $56,958. Due to the rise in BTC, other major cryptocurrencies such as Ethereum, Solana, Cardano, etc. also made significant gains during the reporting period.

Some analysts speculate that these transactions could represent an effort by the company to profit from rising prices of these tokens. Specifically, SpotOnChain reported that FTX and Alameda moved 10,447 ETH worth $27.6 million to centralized exchanges in the past month, concurrent with a 42% increase in the value of ETH.

Despite this transfer, the company still holds approximately $901 million in digital assets. According to SpotOnChain data, FTX holds $530 million in assets across 18 addresses, while Alameda holds $371.39 million in assets.

FTX Asset Sale

This development comes as FTX is actively selling various assets, including cryptocurrency holdings and shares of several companies, as part of its restructuring efforts.

Last week, the exchange received court approval to sell an 8% stake in AI startup Anthropic. FTX first invested about $530 million in Anthropic in 2022. With Anthropic now valued at $15 billion, FTX’s investment has more than doubled to over $1 billion.

Additionally, FTX sold a significant portion of Grayscale’s Bitcoin Trust (GBTC) after it was converted to an exchange-traded fund (ETF).

These asset sales are intended to help FTX pay down debt after shelving a potential relaunch plan in January.