FTX and Alameda-Linked Wallets Transfer $75 Million in Ether to Wintermute
$75 million in ether moved to Wintermute
Wallets linked to the FTX bankruptcy estate and Alameda Research transferred approximately $75 million worth of ether to Wintermute on Wednesday. Wintermute is a market maker, which is a firm that provides liquidity by being ready to buy and sell assets at any time.
On-chain data, the public record of transactions on the blockchain, showed the movement of more than 27,000 ether (ETH) tokens. The transfers were identified by multiple analysts early in the day.
Reported transaction numbers
- Analysts tracked as much as 27,373 ETH moving to Wintermute addresses.
- The total value of the combined transfers is estimated at $75 million.
- One single transaction involved 23,639 ETH, worth about $65 million.
- The funds came from wallets (digital tools for storing crypto) labeled as belonging to Alameda Research and the FTX estate.
Details from on-chain analysts
Two different on-chain analysts flagged the movement of funds. PeckShield reported a single large transfer of approximately $65 million from an address associated with the FTX estate to Wintermute. Another analyst, EmberCN, reported that a total of 27,372 ether was moved across six different wallets.
The difference in these reports suggests that while one analyst focused on the largest transaction, the other combined several related transfers. The largest portion of the funds was sent to an address clearly labeled as belonging to Wintermute on the Ethereum network.
Uncertainty regarding the purpose of the move
It is currently unclear why the funds were moved to the market maker. Moving large amounts of crypto to an over-the-counter platform or market maker can signal that the holder intends to sell or hedge their position without moving it directly onto a public exchange.
However, the available data does not confirm that Wintermute has sold the ether. There is also no official confirmation that these specific funds are being used to pay back creditors.
Impact on the FTX bankruptcy recovery
These transfers occurred during the ongoing wind-down of the FTX estate. The FTX Recovery Trust has previously moved digital assets to various exchanges as it works through its Chapter 11 bankruptcy process. In March, the estate planned to distribute $2.2 billion to creditors as part of its fourth payout program.
Wintermute did not immediately provide a comment on the purpose of the transfers. The FTX Recovery Trust has also not released a public statement regarding these specific transactions.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.