Onchain analysts PeckShield and EmberCN say the funds moved to a Wintermute wallet, but neither a sale nor the purpose of the transfer have been confirmed.

  • Wallets labeled as belonging to the FTX bankruptcy estate and Alameda Research transferred as much as 27,373 ether, worth about $75 million, to crypto market maker Wintermute.
  • The transfers could indicate plans to sell or hedge the assets, but on-chain data does not show that Wintermute sold the ether or that it was intended for creditor repayments.
  • The transfers come as the FTX Recovery Trust continues its creditor-distribution program, including a planned $2.2 billion payout in March.

Wallets labeled as belonging to the FTX bankruptcy estate and Alamada Research transferred as much as 27,373 ether

PeckShieldAlert flagged a transfer of 23,639 ether, worth roughly $65 million, from an Alameda Research and FTX bankruptcy estate-labeled address to a Wintermute wallet early on Wednesday. Onchain analyst EmberCN said six wallets transferred a combined 27,372 ether to Wintermute in a post on X. EmberCN traced the transfers and shared the Wintermute wallet movements on the Arkham intelligence platform.

The discrepancy between the two onchain analysts suggests that PeckShield’s alert identified the largest single transaction, whereas EmberCN took into consideration several transfers. The largest part of the transfer sent 23,639 ether to an labeled “Wintermute” on Etherscan.

A transfer to a market maker or over-the-counter platform can signal that a holder intends to sell or hedge a large position without sending it directly to an exchange. But the onchain data does not establish that Wintermute has sold the ether or that the transfer was made to fund creditor repayments.

Wintermute did not immediately respond to a CoinDesk request for confirmation and further information. The FTX Recovery Trust has not made any public statements regarding the transfers.

FTX and Alamade wallets have previously moved digital assets to exchanges during the estate’s multiyear wind-down. The latest transfer follows the trust’s ongoing creditor-distribution program. In March, FTX planned a $2.2 billion payout, its fourth distribution under the Chapter 11 plan.

A Wintermute transfer does not necessarily mean the ether will appear immediately on public exchange order books. The market maker could hold the assets as inventory, hedge exposure or execute a sale over time.

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.