Alameda Withdrew $204 M from FTX US days before FTX’s downfall

• Alameda took the majority of funds at $204M.
• $142.4M, which is 69.8% of the whole was transferred to wallets possessed by FTX international.          

What does the report say?

Arkham, a data provider on real-world entities issued an analysis on Friday revealing that Alameda Research took the majority of the funds from FTX US, the U.S. branch of FTX, days before the crypto exchange went bankrupt. Regarding this thing, Arkham shared on Twitter that:

“Arkham surveyed flows from FTX US in the last few days before the downfall, as a result, we found that Alameda took the majority of funds at $204M.”

Arkham further went on by stating that it has recognized eight dissimilar addresses where Alameda Research sent the crypto assets it took off. The real-world entities data-providing platform highlighted that of the $204 million:

$142.4M, which is 69.8% of the whole was transferred to wallets possessed by FTX international, advising that Alameda may have been functioning to bridge between two bodies. 

Since November 6, Alameda only took USD stablecoins, swaddled Bitcoin, and ether from FTX US. Furthermore, of the $204 million taken, $38.06 million was in Bitcoin, $49.39 million was in Ethereum (24.2%), and $116.52 million was in USD-titled stablecoins (57.1%).

“The taken wBTC was transferred to the Alameda WBTC Merchant wallet, and then bridged in its wholesome to the Bitcoin blockchain,” Arkham explained, noting that of the Ethereum taken, $35.52 million was transferred to FTX and $13.87 million was transferred to a big active trading wallet. The real-world entities data provider company highlighted: 

The USD-stable tokens were divided among USDT, USDC, BUSD, and TUSD.

Arkham went on further reveal that $10.04 million in USDT was transferred and $32.17 million in USDT was changed to USDC and transferred to FTX. Furthermore, $47.379 million in USDT, $10.151 million in USDC, $16.285 million in BUSD, and $500K in TUSD were transferred to FTX.

FTX and almost 130 associated firms, like FTX US and Alameda Research, filed for Chapter 11 bankruptcy on November 11. John J. Ray III, who is the new chief executive officer of FTX group, stated to the bankruptcy court: “Not a single time in my career have I witnessed such a whole failure of corporate controls and such an entire absence of reliable financial detail as happened here.”

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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