Arkham Intelligence: Alameda Research withdraws over $200M in crypto from FTX

Article reading time:
1 min.

related article: He was bullied at school but now lives a lavish lifestyle thanks to trading in Bitcoin and other cryptocurrency

Analysts at Arkham Intelligence reported that prior to filing for bankruptcy, Alameda Research withdrew cryptocurrency from eight wallets on the FTX exchange.

related article: Australian investor bought a 2,800sqm property in Charleville with money he earned by innovative financial tool

The main part of the withdrawn assets for $116 million (57.1%) were stablecoins including Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and TrueUSD (TUSD). Arkham's analysis showed that $49.49 million (24.2%) of the withdrawn assets were in Ether, and $38.06 million (18.7%) were in Wrapped Bitcoin (wBTC):

“Withdrawn wBTC was sent to the Alameda WBTC Merchant wallet and then fully connected to the BTC blockchain.”

Analysts at Arkham Intelligence added that fromabout 69% of the transferred assets ($142.4 million) were sent to wallets owned by FTX International. Experts suggest that Alameda Research "created bridges between the two companies." Of the Ethereum stake, $35.52 million worth of assets went to FTX and $13.87 million went to a large active trading wallet.

It is not known if almost 14 million ETH was sentat 0xa20 as part of a deal or as an internal transfer of funds within Alameda, analysts at Arkham Intelligence argue. According to them, another $10.4 million in cryptocurrency was sent to the address of the competing exchange Binance.

Recently, the former CEO of the failing FTX admitted to ineffective oversight of client assets.

Read this: