1. Alameda Research was one of the seven recipients of Covalent’s ($CQT) 21,941,176 ($2.5 million) tokens in the recent unlocking.
2. Mechanism Capital received 69 million CQT valued at $7.9 million, Spark Digital Capital got 588,236 CQT valued at $67,300 and Woodstock received 15.4 million CQT.
3. Alameda Research received 15.2 million CQT transferring 9.4 million coins to OKX and FTX at an average price.
According to financial market analyst Lookonchain, the recent unlocking of Covalent’s ($CQT) 21,941,176 ($2.5 million) tokens were distributed among seven private sale participants, including Alameda Research. The unlocking came after CQT showed a bullish trend in the last few days, with CoinMarketCap showing an increase of 2.89% in the past 24 hours.
Mechanism Capital, a well-known private sale participant, received 69 million CQT valued at $7.9 million and transferred 9.6 million, valued at $8.3 million, to FTX in August 2021. One CQT was equivalent to $0.86. Currently, Mechanism Capital holds 59.6 million CQT valued at 6.76 million USD.
On the other hand, Spark Digital Capital was allocated 588,236 CQT valued at $67,300 and sold 27,060 CQT worth 37,495 USD in August 2021 at a price of $1.39. Woodstock, a prominent Web 3.0 investment firm, received 15.4 million CQT and transferred the full amount to KuCoin. Taking the average selling price of the CQT at $0.79 into account, Woodstock stands to gain an equivalence of about $12 million.
Last but not least, Alameda Research was allocated 15.2 million CQT. The firm transferred 9.4 million coins to OKX and FTX at an average price. The figures suggest that Alameda Research will gain a substantial amount of profit from the unlocking.
In conclusion, the recent unlocking of CQT tokens was distributed among seven private sale participants, including Alameda Research. The unlocking saw Mechanism Capital receive 69 million CQT valued at $7.9 million, Spark Digital Capital get 588,236 CQT valued at $67,300 and Woodstock receive 15.4 million CQT. Alameda Research was also allocated 15.2 million CQT, and it transferred 9.4 million coins to OKX and FTX at an average price.