Prior to filing for bankruptcy, Alameda Research withdrew $204M, according to Arkham Intelligence.

Over 50% of the assets exchanged after November 6 were in US pegged stablecoins, according to information from blockchain company Arkham Intelligence.

Prior to declaring bankruptcy, Alameda Research withdrew more than $200 million from FTX.US, according to research by blockchain company Arkham Intelligence, which was made public on November 25.

In a thread on Twitter, Arkham disclosed that in the final days before the collapse, Alameda Research, FTX’s sibling firm, took $204 million in various crypto assets, the most of which were stablecoins, from eight distinct FTX US accounts.

$116 million, or 57.1% of the withdrew money, were held in stablecoins linked to the US dollar, such as USDT, USDC, BUSD, and TUSD. Additionally, according to Arkham’s study, $49.49 million (24.2%) of the monies were in Ether (ETH), while $38.06 million (18.7%) of them were wrapped Bitcoin (wBTC).

In addition, 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,” said Arkham. “The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain.”

Of the transferred Ether, $13.87 million was delivered to a sizable active trading wallet and $35.52 million was transmitted to FTX. “Unknown if the almost 14M in ETH was transmitted to 0xa20 as part of a deal, or as an internal financial transfer within Alameda,” the company said in a statement.

It also sent $10.4 million to Binance, a rival bitcoin exchange.

John Ray III, the new CEO of FTX, highlighted the “complete failure of corporate controls” and a lack of reliable financial information in the company’s initial bankruptcy filing to the United States Bankruptcy Court for the District of Delaware, calling the situation the worst he had ever seen in the corporate world.

On November 11, about 130 FTX Group companies, including FTX Trading, FTX US, operating under West Realm Shires Services, and Alameda Research, declared bankruptcy in the United States as a result of a “liquidity crisis” brought on by a sell-off of the FTX Token following a series of tweets.

Leave a Reply