Alameda Research withdrew over $200 million from FTX.US before it declared personal bankruptcy, based on analysis from blockchain firm Arkham Intelligence disclosed on November. 25.
Inside a Twitter thread, Arkham says Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a number of crypto assets, most of them stablecoins, within the final days prior to the collapse.
Arkham analysed flows from FTX US within the final couple of days prior to the collapse, discovering that Alameda withdrew probably the most funds, at $204M.
Here is a diagram of withdrawals to Arkham-identified entities from FTX US.
n.b. this thread regards FTX US assets only, not FTX Worldwide. pic.twitter.com/QFPVlVIWhO
— Arkham Crypto Intelligence (@ArkhamIntel) November 25, 2022
One of the withdrawn funds, $116 million, or 57.1%, were in stablecoins pegged towards the US dollar, including USDT, USDC, BUSD, and TUSD. Arkham’s analysis also demonstrated that $49.49 million (24.2%) from the funds is at Ether (ETH), and $38.06 million, or 18.7%, is at wrapped Bitcoin (wBTC).
“The withdrawn wBTC was delivered to the Alameda WBTC Merchant wallet, after which bridged in the whole towards the BTC Blockchain.”, stated Arkham, adding those of the $204 million transferred, $142.4 million, or 69%, was delivered to wallets of FTX Worldwide, “suggesting that Alameda might have been operating to bridge backward and forward entities.”
From the Ether transferred, $35.52 million was delivered to FTX and $13.87 million was delivered to a sizable active buying and selling wallet. The firm noted it’s “unknown if the almost 14M in ETH was delivered to 0xa20 included in a trade, or being an internal fund transfer within Alameda.”
Another $10.4 million was delivered to the rival cryptocurrency exchange Binance.
Within the initial personal bankruptcy filing towards the U . s . States Personal bankruptcy Court for that District of Delaware, FTX new Chief executive officer John Ray III described the problem because the worst he’d observed in his corporate career, highlighting the “complete failure of corporate controls” and a lack of reliable financial information.
About 130 companies within the FTX Group – including FTX Buying and selling, FTX US, under West Realm Shires Services, and Alameda Research – declared personal bankruptcy within the U . s . States on November. 11, carrying out a “liquidity crunch” after a number of tweets triggered a sell-from FTX Token.
