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

According to analysis from blockchain firm Arkham Intelligence, over 50% of the funds transferred after Nov. 6 were in USD-pegged stablecoins. 18962 Total views 631 Total shares Listen to article 0:00 News 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, FTXs 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.

Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.

Below is a diagram of withdrawals to Arkham-identified entities from FTX US.

n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022

Among the withdrawn funds, $116 million, or 57.1%, were in stablecoins pegged to the US dollar, including Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and TrueUSD (TUSD). Arkhams analysis also showed that $49.49 million (24.2%) of the funds was in Ether (ETH), 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The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain, said Arkham, adding that of the $204 million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 its 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 (FTT). #Blockchain #Altcoin #Bankruptcy #FTX Related News How to get a job in the Metaverse and Web3 Its time for crypto fans to stop supporting cults of personality Bahamian securities regulator ordered the transfer of FTXs digital assets Uniswaps new privacy policy sees backlash from decentralization buffs Argentinas fan token sinks 31% after World Cup loss against Saudi Arabia