Almeida withdraws $204 million from FTX.US before bankruptcy


Blockchain analytical firm Arkham Intelligence revealed that Alameda Research withdrew $204 million from FTX US before its collapse.

Between November 6th and when the crypto exchange collapsed, the top three entities that withdrew the most funds from their US subsidiary were Alameda with $49 million, FTX Xplorer and Amber Group with $40 million.

Alameda acted as a bridge between FTX Int’l and the US subsidiary

Arkham identified eight addresses linked to Alameda Research that withdrew $204 million in various crypto assets. Of the amount, $142.4 million worth of assets were sent to FTX international wallets.

Arkham said that Alameda was acting as a bridge between FTX US and FTX International. The three companies are owned by Sam Bankman-Fried and are currently under intense regulatory scrutiny.

Over 50% of Alameda withdrawals were in stablecoins

The Twitter thread revealed that Almeida withdrew most of the stablecoins pegged to USD, Ethereum, and Wrapped Bitcoin.

According to Thread, 57.1% ($116 million) of the withdrawals were in the USD stablecoin. The stablecoins were USDT, BUSD, TUSD, and USDC. Most of the money went to FTX, while $10.4 million was sent to rival exchange Binance.

Alameda Research Withdrawal from FTX.US
Extraction from Alameda FTX (source: arkham intelligence,

In addition, Arkham said that $38.06 million (18.7%) of Almeida’s withdrawals were wrapped in bitcoin (wBTC). The removed wBTC were sent to Alameda’s wBTC merchant wallet from where they were added to the BTC network.

Meanwhile, $49.39 million (24.2%) of the withdrawn funds were in ETH. $35.52M was sent to FTX while the remaining $13.87M was sent to trading address 0xa20.

Interestingly, the address is still active. But the data aggregator could not determine whether the transfer was an internal transfer or part of a trade.

FTX may pay significant vendors up to $8.5M

In a separate development, FTX’s first bankruptcy appearance saw the court approve all of its motions for relief, including paying some key vendors.

According to a November 23 court filing, the bankrupt exchange will be allowed to pay its significant vendors up to $8.5 million, while overseas vendors can be paid up to $1 million.

Meanwhile, CEO John Ray III said that the exchange is currently engaged in recovery efforts to maximize value for creditors.

Its bankruptcy filing revealed a balance of $1.24 billion that is a far cry from the $3.1 billion in liabilities it owes to its 50 largest creditors.

be for[In]Latest Bitcoin (BTC) Analysis Of Crypto, Click Here,

disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.





Source link

Leave a Comment