Alameda Research withdrew $204M ahead of bankruptcy filing: Arkham Intelligence

Crypto MARKET_WATCH

According to analysis from blockchain firm Arkham Intelligence, over 50% of the funds transferred after Nov. 6 were in USD-pegged stablecoins. 

 

Alameda Research withdrew over $200 million from FTX.US before it filed for bankruptcy, according to analysis from blockchain firm Arkham Intelligence disclosed on Nov. 25. 

In a Twitter thread, Arkham revealed that Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse.


Among the withdrawn funds, $116 million, or 57.1%, were in stablecoins pegged to the US dollar, including Tether (USDT), USD Coin, Binance USD (BUSD) and TrueUSD (TUSD). Arkham’s analysis also showed that $49.49 million (24.2%) of the funds was in Ether, and $38.06 million, or 18.7%, was in Wrapped Bitcoin (wBTC). 

 

“The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain,” said Arkham, adding that of the $204 million transferred, $142.4 million, or 69%, was sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities.”

Of the Ether transferred, $35.52 million was sent to FTX and $13.87 million was sent to a large active trading wallet. The firm noted that it’s “unknown whether the almost 14M in ETH was sent to 0xa20 as part of a trade, or as an internal fund transfer within Alameda.

Another $10.4 million was sent to the rival cryptocurrency exchange Binance.

In the initial bankruptcy filing to the United States Bankruptcy Court for the District of Delaware, FTX new CEO John Ray III described the situation as the worst he had seen in his corporate career, highlighting the “complete failure of corporate controls” and an absence of trustworthy financial information.

 

About 130 companies in the FTX Group - including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research - filed for bankruptcy in the United States on Nov. 11, following a "=“liquidity crunch” after a series of tweets triggered a sell-off of FTX Token

 

 

Source : cointelegraph.com/news/alameda-research-withdrew-204m-ahead-of-bankruptcy-filing-arkham-intelligence by Cointelegraph By Ana Paula Pereira - November 26, 2022

Join our 70k+
tribe of Akters

Have any questions?

Check our Q&A

About the AKTIO coin

Benefit fully from our ecosystem

What’s new in the App?

We’re adding new features

Customer support

support@akt.io

+353 1 574 7382

+39 06 4525 6900

Opening hours:

Monday to Friday: 9am - 5pm CET

Learn

News

Glossary

AKT Academy

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.