Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Alameda Withdraws $204 Million In Crypto From FTX USA Days Before Exchange Collapses – Featured Bitcoin News
Alameda Research reportedly withdrew the most funds from FTX US, the American arm of FTX, days before the crypto exchange filed for bankruptcy. The majority of the withdrawn cryptocurrencies were sent to wallets owned by FTX International, “suggesting that Alameda may have operated to bridge the gap between the two entities,” crypto intelligence firm Arkham said.
Alameda’s Withdrawal Analysis from FTX American Exchange
The crypto-intelligence firm Arkham shared an analysis on Friday showing that Alameda Research withdrew the most funds from FTX US, the US arm of FTX, days before the crypto exchange collapsed. Arkham tweeted:
Arkham analyzed flows from FTX US in the final days before the collapse and found that Alameda withdrew the most funds, at $204 million.
Arkham added that it has identified eight different addresses where Alameda Research transferred crypto assets it withdrew. The crypto intelligence firm noted that of the $204 million:
$142.4 million (69.8% of the total) was sent to wallets owned by FTX International, suggesting that Alameda may have bridged the gap between the two entities.
After November 6, Alameda only withdrew USD stablecoins, wrapped BTC and Ether from FTX US. Of the $204 million withdrawn, $38.06 million was in BTC (18.7%), $49.39 million was in ETH (24.2%), and $116.52 million was in USD-denominated stablecoins (57.1%).
“The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then connected in its entirety to the BTC blockchain,” Arkham said, adding that of the ETH withdrawn, $35.52 million was sent to FTX and $13, 87 million was sent to a large asset. trading wallet. The crypto intelligence firm noted:
The USD stable tokens were split between USDT, USDC, BUSD and TUSD.
Arkham further shared that $10.04 million in USDT was sent to Binance and $32.17 million in USDT was exchanged to USDC and sent to FTX. Additionally, $47.379 million in USDT, $10.151 million in USDC, $16.285 million in BUSD and $500K in TUSD were sent to FTX.
FTX and about 130 affiliates, including FTX US and Alameda Research, filed for Chapter 11 bankruptcy on November 11. John J. Ray, III, who replaced Sam Bankman-Fried (SBF) as CEO of the FTX Group, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as happened here.”
What do you think about Alameda withdrawing $204 million from FTX US days before the crypto exchange collapse? Let us know in the comments section below.
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