TL;DR
- Wallets linked to the FTX bankruptcy estate and Alameda Research transferred 27,373 ETH, valued at approximately $75 million, to Wintermute.
- Onchain analysts PeckShield and EmberCN tracked the movements, though neither confirmed a sale nor the exact purpose of the transfer.
- The operation takes place within the framework of the creditor distribution program of the FTX Recovery Trust, whose fourth payment amounted to $2.2 billion.
Wallets identified as belonging to the bankruptcy estate of FTX and Alameda Research transferred a total of 27,373 ETH, equivalent to approximately $75 million, to market maker Wintermute, according to two onchain analysts.
The first to raise the alarm was PeckShieldAlert, which detected a transfer of 23,639 ETH —around $65 million— from an address labeled as Alameda Research and FTX bankruptcy estate to a Wintermute wallet.
#PeckShieldAlert #Alameda Research/ #FTX Bankruptcy – labeled address has transferred 23.6K $ETH (worth ~$65M) to #wintermute (0xCe8) pic.twitter.com/ydg2v1oM3s
— PeckShieldAlert (@PeckShieldAlert) September 23, 2026
Subsequently, analyst EmberCN posted on X that six different wallets collectively sent 27,372 ETH to the same destination, tracing the movements through the intelligence platform Arkham. The discrepancy between both reports suggests that PeckShield identified the single largest transaction, while EmberCN consolidated several transfers in its count.
FTX / Alameda Research 的资产清算团队也趁最近加密反弹了不少，又出来卖资产了：
3 小时前通过 6 个钱包把 27,372 枚 ETH ($7532 万) 转去了 Wintermute，应该是委托他们在进行出售。https://t.co/PW0AVRW4VJ
————————————————————————–… pic.twitter.com/7wI7ZXntcW
— 余烬 (@EmberCN) September 23, 2026
Ambiguous Signals About the Destination of the Funds
A transfer to a market maker or an over-the-counter platform may indicate that the holder seeks to sell or hedge a large-volume position without direct exposure on an exchange. However, onchain data does not confirm that Wintermute liquidated the assets nor that the operation is intended to fund payments to creditors. The firm did not respond to a request for comment, and the FTX Recovery Trust also made no public statement on the matter.
This type of movement is not new for the estate’s wallets. During the liquidation process initiated after the exchange’s collapse in November 2022, funds associated with the bankruptcy have been transferred on multiple occasions to exchanges and external platforms.
What Could Happen to FTX’s Assets?
The latest operation is part of the creditor distribution program that the trust is carrying out under Chapter 11. In March, the FTX Recovery Trust announced a fourth payment of $2.2 billion, the largest to date within the process.
The fact that the ETH reaches Wintermute’s hands does not mean it will immediately appear on public order books. The market maker could retain the assets as inventory, hedge exposure, or execute a sale gradually and discreetly over time.
