Alameda Research withdrew $204M ahead of bankruptcy filing

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Alame­da Research with­drew over $200 mil­lion from FTX.US before it filed for bank­rupt­cy, accord­ing to analy­sis from blockchain firm Arkham Intel­li­gence dis­closed on Nov. 25. 

In a Twit­ter thread, Arkham revealed that Alame­da Research, FTX’s sis­ter com­pa­ny, pulled $204 mil­lion from eight dif­fer­ent address­es of FTX US in a vari­ety of cryp­to assets, the major­i­ty of them sta­ble­coins, in the final days before the collapse.

Among the with­drawn funds, $116 mil­lion, or 57.1%, were in sta­ble­coins pegged to the US dol­lar, includ­ing USDT, USDC, BUSD, and TUSD. Arkham’s analy­sis also showed that $49.49 mil­lion (24.2%) of the funds was in Ether (ETH), and $38.06 mil­lion, or 18.7%, was in wrapped Bit­coin (wBTC). 

“The with­drawn wBTC was sent to the Alame­da WBTC Mer­chant wal­let, and then bridged in its entire­ty to the BTC Blockchain.”, said Arkham, adding that of the $204 mil­lion trans­ferred, $142.4 mil­lion, or 69%, was sent to wal­lets owned by FTX Inter­na­tion­al, “sug­gest­ing that Alame­da may have been oper­at­ing to bridge between the two entities.”

Of the Ether trans­ferred, $35.52 mil­lion was sent to FTX and $13.87 mil­lion was sent to a large active trad­ing wal­let. The firm not­ed that it’s “unknown whether the almost 14M in ETH was sent to 0xa20 as part of a trade, or as an inter­nal fund trans­fer with­in Alameda.”

Anoth­er $10.4 mil­lion was sent to the rival cryp­tocur­ren­cy exchange Binance. 

In the ini­tial bank­rupt­cy fil­ing to the Unit­ed States Bank­rupt­cy Court for the Dis­trict of Delaware, FTX new CEO John Ray III described the sit­u­a­tion as the worst he had seen in his cor­po­rate career, high­light­ing the “com­plete fail­ure of cor­po­rate con­trols” and an absence of trust­wor­thy finan­cial information. 

About 130 com­pa­nies in the FTX Group — includ­ing FTX Trad­ing, FTX US, under West Realm Shires Ser­vices, and Alame­da Research - filed for bank­rupt­cy in the Unit­ed States on Nov. 11, fol­low­ing a “liq­uid­i­ty crunch” after a series of tweets trig­gered a sell-off of FTX Token. 



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