According to the study, Alameda’s liquidations cost $1 million

Sam Bankman’s business, Alameda Research, liquidated assets worth over $1 million, according to crypto intelligence firm Arkham.

According to a tip that crypto intelligence company Arkham shared with The Block, troubled crypto trading business Alameda Research lost over $1 million worth of assets in liquidation yesterday night.

The account was first funded with 9,000 ETH valued at $10.8 million, as well as $20 million USDC and $4 million DAI as collateral. The total net balance of the account was $15,2 million.

A report from Arkham dated January 14 reveals that the account was “forcibly lowered” and $1.2 USDC was exchanged for 731 ETH. The account now has a short position of $1.1 million ETH vs $1.14 million USDC and a net balance of $300,000.

In the report, Arkham said, “Surprisingly, transactions out of the wallet were made before and during liquidation, suggesting that whomever was in charge of the wallet was either unable to comprehend how to close down the holdings, or was just reluctant to do so.”

The announcement comes after $72,000 worth of Alameda funds were liquidated on Aave on January 12 after the consolidation of assets into a single wallet. Twitter users saw Alameda funds switching wallets, with some attributing the shift to Alameda creator Sam Bankman-Fried. However, Bankman-Fried terminated his social media absence on December 30, 2022, which began after he was imprisoned in the Bahamas on December 12, 2022, to confirm that he did not transfer Alameda funds.

Also Read: The Next Cryptocurrency Bull Market Will Be The Largest Ever, A Fund Strategist Predicts