Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed

Alameda analysis reportedly withdrew the foremost funds from FTX U.S., the U.S. arm of FTX, days before the crypto exchange filed for bankruptcy. Most of the withdrawn cryptocurrencies were sent to wallets in hand by FTX International, “suggesting that Alameda could be operational to bridge between the 2 entities,” crypto intelligence firm Arkham aforesaid.

Alameda’s Withdrawal Analysis From FTX US exchange

Crypto intelligence firm Arkham shared an analysis Friday showing that Alameda analysis withdrew the foremost funds from FTX U.S., the U.S. arm of FTX, days before the crypto exchange collapsed. Arkham tweeted:

Arkham analyzed flows from FTX U.S. within the final few days before the collapse, finding that Alameda withdrew the foremost funds, at $204M.

Arkham value-added that it’s known eight completely different addresses wherever Alameda analysis transferred the crypto assets it withdrew. The crypto intelligence firm noted that of the $204 million:

$142.4M (69.8% of the total) was sent to wallets in hand by FTX International, suggesting that Alameda could be operational to bridge between the 2 entities.

After Nov. 6, Alameda solely withdrew USD stablecoins, wrapped BTC, and ether from FTX U.S.. Moreover, of the $204 million withdrawn, $38.06 million was in BTC (18.7%), $49.39 million was in ETH (24.2%), and $116.52 million was in USD-denominated stablecoins (57.1%).

“The withdrawn wBTC was sent to the Alameda WBTC bourgeois billfold, then bridged in its totality to the BTC blockchain,” Arkham elaborate, adding that of the ETH withdrawn, $35.52 million was sent to FTX and $13.87 million was sent to an outsized active commerce billfold. The crypto intelligence firm noted:

The USD-stable tokens were split amongst USDT, USDC, BUSD, and TUSD.

Arkham additionally shared that $10.04 million in USDT was sent to Binance and $32.17 million in USDT was swapped to USDC and sent to FTX. Additionally, $47.379 million in USDT, $10.151 million in USDC, $16.285 million in BUSD, and $500K in TUSD were sent to FTX.

FTX and concerning one hundred thirty related firms, as well as FTX U.S. and Alameda analysis, filed for Chapter 12 bankruptcy in November. 11. John J. Ray, III, who replaced SAM Bankman-Fried (SBF) because the corporate executive of the FTX group, told the bankruptcy court: “Never in my career have I seen such a whole failure of company controls and such a whole absence of trustworthy financial information as occurred here.”