Tuesday, February 27, 2024

Trading Company Almeda Withdraws Money From KuCoin Exchange.

Wu Blockchain, a reporter covering cryptocurrency news, tweeted that the main trading business Almeda was taking money out of the exchange site KuCoin. Wu speculates that Almeda, the market maker for KuCoin, was utilizing the exchange to withdraw money based on the enormous outflow of KuCoins tokens (KCS) from the KuCoin exchange.

Furthermore, it is clear from the Twitter post that FTX and KuCoin are in first and second place for withdrawals, respectively. FTX saw withdrawals of $292,200,392, while KuCoin saw withdrawals totaling $289,665,935. Examining the withdrawals revealed that FTX and KuCoin withdrew 9-digit quantities when the withdrawals on the other trading platforms were 8-digit amounts.

FTX tokens, which belong to Sam Bankman-Fried, the owner of FTX and Almeda, are reportedly abundant on the leaked balance sheet of the company, according to a number of sources. Although the sources claim that there is nothing inherently wrong with Almeda holding more FTT tokens, this highlights the fact that Almeda was founded by its sibling firm.

Even though the sources claim that there is nothing wrong with Almeda owning excess FTT tokens, the fact that Almeda’s basis is built on its sister company tokens rather than fiat currency or self-sustaining crypto is problematic.

Curiously, Almeda’s balance sheet as it has been revealed appears to have a $10 billion deficit. To be clear, the aforementioned loss is no longer shown on the balance sheet, according to Caroline Ellison, CEO of Almeda.

Zhao claimed that Binance received approximately $2.1 billion USD in cash as half of the proceeds from its departure from FTX equities last year (BUSD and FTT). The first article to appear on Coin Version was Procuring and Selling Firm Almeda Withdrawing Funds From KuCoin Commerce.

The CEO of Binance, Changpeng Zhao, announced that he would sell all FTT tokens, citing a lack of finances.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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