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FTX Bankruptcy Estate Consolidates Arbitrum Airdrop Tokens Into Single Wallet
The estate now holds 33,125 ARB tokens worth around $42,000.
Updated Apr 9, 2024, 11:35 p.m. Published Mar 27, 2023, 10:55 a.m.
A digital wallet controlled by the FTX bankruptcy estate has received several tranches of the airdrop from wallets linked to Alameda Research, on-chain data shows.
According to Arbiscan, a block explorer for layer 2 blockchain Arbitrum, the wallet now holds 33,125 ARB tokens worth around $42,000 at press time.
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The wallet also holds $10 million worth of USD coin (USDC), almost $3 million of wrapped BTC (WBTC) and $4 million of ether (ETH), all of which have been consolidated from the same Alameda-linked wallets since Nov. 13, two days after FTX filed for bankruptcy. Alameda is a trading firm that was affiliated with FTX and that also filed for bankruptcy.
All held tokens are on the Arbitrum blockchain, a network Alameda has been active on since 2021 by providing liquidity to protocols like Sushi and Stargate Finance.
After airdropping its early users with 1.275 billion tokens, Arbitrum has a market capitalization of $1.6 billion as the token trades at $1.27, according to CoinMarketCap.
The FTX bankruptcy estate has been attempting to consolidate various tokens and investments in the past few weeks. It filed a motion on Wednesday that will see it recover $460 million, including $404 million in cash, from little-known Bahamian hedge fund Modulo Capital.
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