FTX Bankruptcy Estate Consolidates Arbitrum Airdrop Tokens Into Single Wallet

The estate now holds 33,125 ARB tokens worth around $42,000.

AccessTimeIconMar 27, 2023 at 10:55 a.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
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A digital wallet controlled by the FTX bankruptcy estate has received several tranches of the Arbitrum (ARB) 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.

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.

Edited by Sheldon Reback.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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