FTX Transfers $8.3M a Day Before Amended Proposal Deadline for Restructuring Plan
A May 6 transfer of $8.3 million associated with the now-bankrupt FTX exchange and its sister trading firm, Alameda Research, has raised questions about the future of creditors awaiting compensation.
The transfer occurred just a day before FTX debtors were scheduled to release an amended restructuring plan for the exchange, adding a layer of intrigue to an already complex situation.
#PeckShieldAlert #Alameda/#FTX-labeled addresses transferred ~2K $ETH (worth ~$6.3m) out & 860 $XAUT (worth ~$2m) to #wintermute pic.twitter.com/2ndnnGhAj2
— PeckShieldAlert (@PeckShieldAlert) May 6, 2024
According to PeckShield alerts, two wallets linked to FTX and Alameda Research conducted the transfers. The FTX-associated wallet moved 860 Tether Gold (XAUT) tokens, valued at over $2 million, to algorithmic trading firm Wintermute.
Meanwhile, an Alameda-related wallet transferred 2,027 Ether, worth more than $6.3 million, to two undisclosed addresses. While the exact motive behind these transactions is unclear, they coincide with a critical juncture in FTX’s bankruptcy proceedings.
The impending deadline for FTX debtors to submit an amended version of the “Plan and Disclosure Statement” on May 7 has left creditors eagerly anticipating insights into how they will be compensated for their losses.
The amended restructuring plan promises to offer creditors more clarity regarding their path to recovery. Concerns loom large among some creditors who fear that the revised plan may not adequately address their interests, however.
One such voice of caution is Sunil, an FTX Customer Ad-Hoc Committee member representing over 1,500 FTX creditors. Sunil has urged users to scrutinize the upcoming plan, warning that it may favor debtors at the
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