Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed

Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed

Alameda Research reportedly withdrew the most funds from FTX US, the U.S. 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 The majority of the withdrawn cryptocurrencies were sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities,” crypto intelligence firm Arkham said. Alameda’s Withdrawal Analysis From FTX US exchange

Crypto intelligence firm Arkham shared an analysis Friday showing that Alameda Research withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto exchange collapsed. Arkham tweeted: Arkham analyzed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.

Arkham added that it has identified eight different addresses where Alameda Research transferred the crypto assets it withdrew. The crypto intelligence firm noted that of the $204 million: $142.4M (69.8% of the total) was sent to wallets owned by FTX International, suggesting that Alameda may have been operating to bridge between the two entities.

After Nov. 6, Alameda only withdrew USD stablecoins, wrapped BTC, and ether from FTX US. Moreover, of the $204 million withdrawn, $38.06 million was in BTC (18.7%), $49.39 million was in ETH (24.2%), and $116.52 million was in USD-denominated stablecoins (57.1%).

“The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC blockchain,” Arkham detailed, adding that of the ETH withdrawn, $35.52 million was sent to FTX and $13.87 million was sent to a large active trading wallet. The crypto intelligence firm noted: The USD-stable tokens were split amongst 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 swapped to USDC and sent to FTX. In addition, $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 affiliated companies, including FTX US and Alameda Research, filed for Chapter 11 bankruptcy on Nov. 11. John J. Ray, III, who replaced Sam Bankman-Fried (SBF) as the 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 trustworthy financial information as occurred here.” Tags in this story Alameda Research, Alameda withdrew from FTX, ftx, FTX Alameda, FTX bitcoin Alameda, FTX BTC Alameda, FTX.US

What do you think about Alameda withdrawing $204 million from FTX US days before the crypto exchange collapsed? Let us know in the comments section below. 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 between economics and cryptography. WEMIX Delisting: South Korean Crypto Exchange Upbit Accused of Instigating Token Removal FEATURED | 4 mins ago Coinbase: Institutional Investors Increased Allocations During Crypto Winter, Long-Term Price Outlook Positive FEATURED | 9 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBillionaire Bill Ackman Discusses Crypto Regulation — Says Industry Must Self-Police or Risks Being Shut Down Next articleNew York Mayor Supportive of Mining Restrictions but Maintains Crypto Hub Objective Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike