Transfer of 27,372 ETH: Does FTX Still Have $400 Million in Liquidation Ammo?

The FTX liquidation team transferred 27,372 ETH, worth approximately $75.32 million.

Written by: Ma He, Foresight News

On September 23, on-chain analyst Yu Jin (@EmberCN) reported that the asset liquidation team of FTX / Alameda Research transferred 27,372 ETH (approximately $75.32 million) to Wintermute through six wallets.

Typically, Wintermute's common practice is to take on OTC trades or to hedge through derivatives before slowly distributing the spot assets to multiple exchanges.

Years have passed since the FTX incident, and the compensation process has been tumultuous. To this day, how much asset remains in its liquidation trust has become a topic of concern for some market investors.

Remaining Crypto Assets of $400 Million

To discuss "how much FTX still has," we must first separate two accounts.

One is the FTX Recovery Trust under the Delaware bankruptcy court. Established after the restructuring plan takes effect on January 3, 2025, it is responsible for monetization, litigation recovery, and distribution to creditors as planned. Most addresses commonly marked as FTX / Alameda liquidation on-chain belong to this side.

The other is the wallets seized by the U.S. Department of Justice. After SBF was convicted, the government held some seized assets, which may be returned to the trust or disposed of separately depending on the procedure. In June 2026, Arkham recorded that the U.S. government transferred approximately $984,000 of seized FTX / Alameda assets, with at least $768,000 entering Coinbase Prime. This scale is much smaller than the trust's own liquidation.

The latest complete balance sheet that the trust can verify externally is still the Q1 2026 report, with data as of March 31 showing total assets remaining at $6.6 billion.

In the digital assets column, it has decreased from $588 million in December 2025 to $453 million in March this year. Today's transferred $75.32 million in ETH accounts for nearly 1/6 of the remaining crypto assets.

Liquidation Rhythm

FTX filed for bankruptcy on November 11, 2022. In September 2023, the debtors submitted a motion requesting to sell, hedge, and pledge part of the digital assets according to investment guidelines. In September 2023, the bankruptcy estate designated Galaxy Asset Management to assist in the disposal. Subsequent case materials from Galaxy stated that SOL locked was split into institutional shares for auction, converting nearly $2 billion in cash for the estate without impacting the public market. In March 2024, The Block reported an intention to sell approximately 41 million locked SOL, nominally valued at about $7.5 billion; the final transaction structure and unlocking rhythm were executed according to the lock-up period rather than a one-time sale.

After the effective date of the plan on January 3, 2025, selling coins shifted from "to prepare USD for restructuring" to "to distribute cash supplements." The structure of cash recovery after the effective date provided in the 2025 annual report (as of December 31) is as follows: government receivables $638 million, venture capital $334 million, digital assets $276 million, cash interest $294 million, and net recovery from non-consolidated subsidiaries $124 million. Digital assets were still valued at $588 million at the end of 2025, dropping to $453 million by the end of March 2026—each quarter saw a reduction, but the scale per quarter has decreased from tens of billions to the range of tens of millions to a couple of hundred million.

The distribution rhythm consists of five rounds:

• February 18, 2025: First round, prioritizing convenience for creditors, approximately $1.2 billion
• May 30, 2025: Second round, over $5 billion
• September 30, 2025: Third round, approximately $1.6 billion
• March 31, 2026: Fourth round, approximately $2.2 billion
• July 31, 2026: Fifth round, approximately $900 million

After five rounds, the disclosed cumulative return is approximately $10 billion to $11 billion. The fifth round is the smallest. How much can be distributed later depends on the liquidation of disputed claims, KYC completion rates, and how much cash can still be recovered from venture capital and litigation.

According to a currently tracked FTX address by Arkham, the variety of remaining altcoins has decreased, and some assets have gained value in the recent market recovery.

The greatest selling pressure once feared by the crypto market has now been left behind by the market.