A wallet linked to the liquidators of the Alameda Research estate sent $100 million in stablecoins to crypto trading firms Cumberland and GSR Markets over the weekend.

Over $47 million worth of USD Coin (USDC), which fell victim to a depeg at the weekend amid banking concerns in the U.S., was sent to GSR Markets on March 13, with a further $50.3 million being sent to Cumberland across two transactions, according to on-chain analysis by Arkham Intelligence.

Three other wallets previously linked to FTX and Alameda sent $188.58 million to crypto exchanges Coinbase, Kraken and Binance on Tuesday, according to blockchain sleuth Lookonchain. It remains unclear whether capital is being consolidated in line with bankruptcy proceedings or if it is being deployed to generate a yield.

(By Oliver Knight)