The majority of the withdrawn cryptocurrencies were sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities,” crypto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 Moreover, of the $204 million withdrawn, $38.06 million was in BTC (18.7%), $49.39 million was in ETH (24.2%), and $116.52 million was in USD-denominated stablecoins (57.1%).
“The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC blockchain,” Arkham detailed, adding that of the ETH withdrawn, $35.52 million was sent to FTX and $13.87 million was sent to a large active trading wallet.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.”