Analysts at Arkham Intelligence reported that prior to filing for bankruptcy, Alameda Research withdrew cryptocurrency from eight wallets on the FTX exchange.
The bulk of $116 million (57.1%) of the withdrawn assets were stablecoins, including Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and TrueUSD (TUSD). Arkham’s analysis showed that $49.49 million (24.2%) of the withdrawn assets were in Ether, and $38.06 million (18.7%) were in Wrapped Bitcoin (wBTC):
“Withdrawn wBTC was sent to the Alameda WBTC Merchant wallet and then fully connected to the BTC blockchain.”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 of the transferred assets, about 69% ($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 whether nearly 14 million ETH was sent to 0xa20 as part of a deal or as an internal transfer of funds within Alameda, Arkham Intelligence analysts 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.
Source: Bits
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