Crypto23 September, 20262 min read
FTX Bankruptcy Estate And Alameda Wallets Transfer $75 Million In Ether To Wintermute
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FTX/Alameda-linked wallets transferred about 27,372 ETH to Wintermute. Worth about $65-75 million, per PeckShield and EmberCN on-chain analysis.
7 outlets told this the same way.
FTX, Alameda send ETH
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, according to onchain data analyzed by PeckShield and EmberCN. 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. EmberCN said six wallets transferred a combined 27,372 ether to Wintermute in a post on X, and EmberCN traced the transfers and shared the Wintermute wallet movements on the Arkham intelligence platform.
The discrepancy between the two onchain analysts suggested that PeckShield’s alert identified the largest single transaction, while EmberCN took into consideration several transfers. The onchain data did not show that Wintermute sold the ether or that the transfer was intended for creditor repayments, and Wintermute did not immediately respond to a CoinDesk request for confirmation and further information.
No sale confirmed
The transfers could indicate plans to sell or hedge the assets, but onchain data did not show that Wintermute sold the ether or that it was intended for creditor repayments. The CoinDesk account said the largest part of the transfer sent 23,639 ether to an labeled “Wintermute” on Etherscan, and it described a transfer to a market maker or over-the-counter platform as a possible signal of selling or hedging without sending directly to an exchange. The transaction was not accompanied by a public sale or an official explanation of its purpose, and it described the move as fueling speculation about liquidity management or risk mitigation strategies.
No statements from Wintermute or from the FTX/Alameda wallets explaining the transfer had been published. PeckShield firstflaggedthe flow at 02:03 UTC on September 23, 2026, and onchain monitors indicated the transaction pattern pointed to an entrusted or over-the-counter sale rather than a direct deposit on a centralized exchange.
FTX Recovery Trust stakes
The transfers came as the FTX Recovery Trust continued its creditor-distribution program, including a planned $2.2 billion payout in March, according to CoinDesk. The FTX Recovery Trust had not made any public statements regarding the transfers, and FTX and Alameda wallets have previously moved digital assets to exchanges during the estate’s multiyear wind-down. The transfer coincided with FTX Recovery Trust's ongoing creditor distribution program, including a planned $2.2 billion payout in March, and onchain data did not confirm any sale or that the transfer was for creditor repayments.
The estate has since carried out a multi-year asset recovery and creditor repayment program under the FTX Recovery Trust, and it described the July 2026 creditor distribution as amounting to approximately $900 million. A deposit to Wintermute did not automatically translate into an immediate open-market sale, and the Ether received could remain in Wintermute’s inventory, be hedged against derivatives exposure, or be worked off over hours or days.