Home » SBF’s Alameda Moved $89 Million Worth of Crypto Into a New Wallet

SBF’s Alameda Moved $89 Million Worth of Crypto Into a New Wallet

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Over the past 24 hours, Alameda Research has moved $2.7 million worth of Serum, FTX, and Uniswap tokens to its wallet, according to on-chain data.

As of this writing, the wallet, which has been labeled by blockchain analytics firm Nansen as belonging to Sam Bankman-Fried’s crypto trading firm Alameda Research, has not attempted to move funds since yesterday.

The transaction is the latest unexplained transfer by a wallet belonging to FTX.com, West Realm Shires (the parent company of FTX US), and Alameda Research after the FTX Group’s Chapter 11 bankruptcy filing, which includes Alameda Research.

Alameda Research moved $36 million worth of funds on Saturday. $31 million worth of BitDAO tokens (BIT), $5 million worth of SushiBar tokens, and $1 million worth of Render tokens.

Alameda was founded by Singapore-based exchange Bybit last year and raised $100 million from BitDAO, a decentralized autonomous organization backed by Peter Thiel, Founders Fund founded by Thiel, Pantera Capital and Dragonfly Capital. Purchased BIT tokens.

Alameda used FTT to purchase BIT tokens, and as part of the agreement, both organizations agreed not to sell each other’s tokens until November 2024. BitDAO requested proof from Alameda I didn’t liquidate my tokens after BIT suddenly dropped 20%. All 100 million of his BIT tokens now appear to be in a wallet where Alameda is transferring funds from other wallets.

Founded in 2017 by Bankman-Fried and Tara Mac Aulay, Alameda is a quantitative trading firm and a sister company of FTX. Bankman-Fried said he founded FTX in 2019, but wouldn’t leave his daily life at Alameda Research until July 2021. Trabucco resigned in his August, stating: on Twitter He was unable to “personally continue to justify the investment of time to become Alameda’s centerpiece.”

Bankman-Fried claimed that Alameda Research, the trading desk, and FTX, the exchange, were separate entities, but the leaked balance sheet showed that Alameda could borrow client assets from FTX. It shows that you are very dependent on it.

The bulk of the assets in the wallet Alameda sent funds to consisted of $32 million worth of Tether and $31 million of BIT. monday morningYesterday, the company attempted to move $1.7 million worth of Ethereum from four separate wallets, but according to Etherscan: transfer failed Because I didn’t have enough money in my wallet to cover the gas.

Gas is the fee charged by the Ethereum network for processing transactions. Crypto transactions do not go through a third party such as a bank or credit card company, so the person sending the funds pays directly to the network validator to process the transaction. These gas prices depend on how congested the network is or how quickly the sender wants the funds to reach their destination.

for example, One of the Alameda Research wallets After trying to move 936 ETH, worth about $1 million at the time, Etherscan shows that the gas fee for the failed transaction was 46 Gway. It’s a fraction of a penny (1 gwei is one billionth of 1 ETH).

The wallet needs enough ETH to cover it, but users can specify how much they want to pay for the gas of the transaction. So the hypothesis holds that whoever controls Alameda Research’s wallet, he doesn’t want to pay 46 gwei to transfer funds.

Adam Landis, the attorney representing FTX Group in the bankruptcy proceedings, said: Decryption.

FTX has come under a lot of scrutiny for its on-chain activity since Friday when the exchange and 134 other entities filed for bankruptcy. Funds worth $650 million I left a wallet managed by FTX in what I described as an “unauthorized” transaction.

“Among other things, we are in the process of removing trading and withdrawal functionality and moving as many identifiable digital assets to a new cold wallet custodian,” wrote FTX General Counsel Ryne Miller. on Twitter In a statement from FTX CEO John Ray. “Unauthorized access to certain assets has occurred as has been widely reported.”

Bahamian authorities have since said they did not order FTX to allow withdrawals from users in the Bahamas. claim on twitterOn Thursday, after all user withdrawals were otherwise disabled, Millions started leaving exchanges.

The Bahamas Securities Commission said on Thursday that Freeze FTX assets asked the Supreme Court to appoint a liquidator. After the fraudulent transaction, Bahamian police said by Saturday they were investigating the potential.criminal act

FTX’s troubles surface, report says at least $5 billion of Alameda Research’s $14 billion balance sheet is in FTT, a utility token used to get discounted trading fees on FTX’s cryptocurrency exchange It started when Both FTX and Alameda are founded and owned by his FTX CEO, Sam Bankman-Fried, but he has always maintained that the two entities are separate entities.

Aside from the FTT revelations, Alameda’s balance sheet shows that most of the company’s assets are in highly illiquid tokens such as Serum, the native token of the Solana-based decentralized exchange founded by Bankman-Fried. It was also revealed that it is held in

With this news, Binance has announced that it will liquidate its FTT positions. $580 million at the timeInvestors shaken by the news withdrew billions of dollars from FTX in 48 hours. Eventually, FTX ran out of funds to make withdrawals and announced that Binance had announced its intention to acquire his FTX. However, the deal collapsed within a day of him, and on Friday he filed for bankruptcy.

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