Alameda Research withdrew more than $200 million from FTX.US before filing for bankruptcy, according to an analysis released Nov. 25 by blockchain firm Arkham Intelligence.
In a Twitter thread, Arkham said that FTX sister company Alameda Research had been trading in various crypto assets (mostly stablecoins) from eight different addresses on FTX US in the last days before the collapse. It said it had withdrawn $204 million.
Arkham analyzed flows from FTX US in the last few days before the collapse and found that Alameda withdrew the most at $204 million.
Below is a diagram of a withdrawal from FTX US to an entity identified by Arkham.
Note: This thread is only for FTX US assets, not FTX International. pic.twitter.com/QFPVlVIWhO
— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022
Of the funds withdrawn, $116 million (57.1%) were US dollar-pegged stablecoins, including USDT, USDC, BUSD, and TUSD. Arkham’s analysis also showed that his $49.49 million (24.2%) of the funds were in Ether (ETH) and $38.06 million (18.7%) in wrapped Bitcoin (wBTC).
“The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, which was then fully bridged onto the BTC blockchain.” It suggests that there is a
Of the Ether transferred, $35.52 million was sent to FTX and $13.87 million was sent to large active trading wallets. “It is unclear whether the nearly 14M of ETH was sent to 0xa20 as part of the transaction, or as an internal fund transfer within Alameda,” the company said.
Another $10.4 million was transferred to rival crypto exchange Binance.
In its first bankruptcy filing filed in the U.S. Bankruptcy Court for the District of Delaware, FTX’s new CEO John Ray III described the situation as the worst in his career with the company, saying, A complete failure of company management” and reliable financial information.
About 130 companies in the FTX Group, including FTX Trading, FTX US, West Realm Shires Services’ FTX US and Alameda Research, filed for bankruptcy in the US on November 11th. Selling FTX Tokens.
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