A wallet associated with Alameda Research’s liquidators has made a massive transaction in the crypto market, sending $100 million worth of stablecoins to Cumberland and GSR Markets.
The move comes after USD Coin (USDC) experienced a depeg over the weekend amid banking concerns in the US. The transfers were confirmed through an on-chain analysis conducted by Arkham Intelligence.
GSR Markets received over $47 million worth of USDC, while Cumberland received $50.3 million in two separate transactions.
In addition to this, three other wallets linked to FTX and Alameda made a transfer of $188.58 million to crypto exchanges Coinbase, Kraken, and Binance on Tuesday, as reported by blockchain sleuth Lookonchain.
It is unclear whether the capital is being consolidated for bankruptcy proceedings or is being used to generate a yield.
FTX’s new CEO, John J. Ray III, has been exploring various ideas to compensate creditors following FTX and Alameda’s collapse last November.
One of the ideas is to revive the FTX exchange. “Everything is on the table,” Ray said in an interview with the Wall Street Journal in January. “If there is a path forward on that, then we will not only explore that, we’ll do it.”
