Arkham Intelligence reports that Alameda Research withdrew $204M prior to filing for bankruptcy
Arkham Intelligence, a blockchain company, determined that over fifty percent of the assets exchanged after November 6 were USD-pegged stablecoins.
Alameda Research took nearly $200 million from FTX.US before filing for bankruptcy, according to an investigation published on November 25 by blockchain company Arkham Intelligence.
In a Twitter thread, Arkham disclosed that Alameda Research, the sister firm of FTX, withdrew $204 million from eight distinct addresses of FTX US in a range of crypto assets, most of which were stablecoins, in the days before the exchange’s collapse.
“The withdrawn wBTC was transmitted to the Alameda WBTC Merchant wallet, and then bridged in full to the BTC Blockchain,” stated Arkham, adding that of the $204 million moved, $142.4 million, or 69%, was routed to wallets held by FTX International, “suggesting Alameda may have been serving as a bridge between the two businesses.”
$35.52 million in Ether was delivered to FTX, while $13.87 million was transmitted to a highly active trading wallet. It is uncertain if the over $14 million in ETH was transmitted to 0xa20 as part of a transaction or as an internal financial transfer inside Alameda, the company said.
An additional $10,400,000 was transferred to the competitor cryptocurrency exchange Binance. In the initial bankruptcy petition submitted to the United States Bankruptcy Court for the District of Delaware, FTX’s new CEO John Ray III described the situation as the worst he had ever witnessed in his corporate career, citing the “complete failure of corporate controls” and the absence of reliable financial data.