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Alameda Research withdrew $204 million before filing for bankruptcy

Published on

January 27, 2023
Read Time:2 Minute, 3 Second

Based on evaluation by blockchain agency Arkham Intelligence launched Nov. 25, Alameda Analysis siphoned over $200 million from FTX.US earlier than it filed for chapter.

In a Twitter thread, Arkham revealed that Alameda Analysis, FTX's sister firm, withdrew $204 million from eight totally different FTX US addresses in a wide range of cryptoassets, most of them stablecoins, within the closing days earlier than the collapse Has.

Arkham analyzed FTX US inflows in the previous couple of days earlier than the collapse and located that Alameda withdrew probably the most funds at $204 million.

Beneath is a chart of withdrawals to Arkham Recognized Entities from FTX US.

Be aware: This thread solely applies to FTX US property, not FTX Worldwide. pic.twitter.com/QFPVlVIWhO

— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022

Among the many withdrawn funds have been $116 million, or 57.1%, in USD-pegged stablecoins, together with USDT, USDC, BUSD, and TUSD. Arkham's evaluation additionally confirmed that $49.49 million (24.2%) of the funds have been in Ether (ETH) and $38.06 million or 18.7% in Wrapped Bitcoin (wBTC).

"The withdrawn wBTC have been despatched to the Alameda WBTC service provider pockets after which totally bridged into the BTC blockchain," Arkham stated, including that of the $204 million that was transferred, $142.4 million, or 69%, went to wallets within the owned by FTX Worldwide, "suggesting that Alameda might have acted as a bridge between the 2 firms."

Of the ether transferred, $35.52 million was despatched to FTX and $13.87 million to a big energetic buying and selling pockets. The agency famous that “it's unknown whether or not the almost 14 million in ETH was despatched to 0xa20 as a part of a commerce or as an inside funds switch inside Alameda.”

One other $10.4 million was despatched to rival cryptocurrency trade Binance.

Within the first chapter submitting within the U.S. Chapter Court docket for the District of Delaware, FTX's new CEO, John Ray III, described the scenario because the worst he had seen in his company profession, citing the "full failure of company controls" and the Lack of prominently trusted monetary data.

About 130 firms within the FTX Group -- together with FTX Buying and selling, FTX US beneath West Realm Shires Providers and Alameda Analysis -- filed for chapter in america on Nov. 11 after a "liquidity disaster" was sparked following a collection of tweets promoting off FTX Token.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 27, 2023
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