SBF’s Alameda transferred $89 million worth of cryptocurrency to a new wallet


In the past 24 hours, Alameda Research has transferred $2.7 million worth of Serum, FTX, and Uniswap tokens to the bankrupt trading desk’s wallet, which has accumulated assets worth $89 million, according to on-chain data.

As of this writing, none of the wallets belonging to Sam Bankman-Fried’s crypto trading firm Alameda Research have attempted to transfer funds since yesterday, according to blockchain analytics firm Nansen.

The transactions are the latest undisclosed transfers by wallets owned by Alameda Research following the Chapter 11 bankruptcy filing of FTX Group, which includes FTX.com, West Realm Shires (the parent company of FTX USA), and Alameda Research.

On Saturday, Alameda Research transferred $36 million worth of funds – $31 million worth of BitDAO tokens (BIT), $5 million worth of SushiBar tokens, and $1 million worth of Render tokens.

Alameda bought 100 million BIT tokens last year from BitDAO, a decentralized autonomous organization founded last year by Singapore-based exchange Bybit and backed by Peter Thiel, backed by Thiel’s Founders Fund, Pantera Capital and Dragonfly Capital.

Alameda used the FTT to buy BIT tokens, and as part of the deal, the organizations agreed that neither would sell the other’s tokens before November 2024. Earlier this month, BitDAO demanded Alameda to prove BIT had not liquidated the tokens after the sudden drop of 20%. Now, all 100 million BIT tokens are visible in the wallet where Alameda transfers money from other wallets.

Founded in 2017 by Bankman-Fried and Tara Mac Aulay, Alameda is a quantitative trading firm and sister company to FTX. Bankman-Fried founded FTX in 2019, but didn’t step back from her day job at Alameda Research until July 2021. When he did, Caroline Ellison and Sam Trabucco were named co-CEOs. Trabucco said he resigned in August on Twitter he “can’t personally continue to justify the investment of time to be central to Alameda.”

Bankman-Fried Alameda Research claims that the trading desk and FTX are separate entities, but the leaked balance sheet showed that Alameda was heavily dependent on FTX being able to borrow client assets.

The bulk of the assets in Alameda’s sent wallet consisted of $32 million worth of Tether and $31 million worth of BIT. on monday morning. Yesterday, the firm also attempted to move $1.7 million worth of Ethereum from four separate wallets, but Etherscan says transfers failed because the wallets didn’t have enough funds to cover the gas.

Gas is the fee the Ethereum network receives for processing transactions. Because cryptocurrency transactions do not go through third parties like banks or credit card companies, people sending money pay network validators directly to process their transactions. These gas fees vary depending on how busy the network is or how quickly the sender wants the funds to reach their destination.

For example, when One of the Alameda Research wallets At the time, he tried to transfer 936 ETH worth about $1 million, Etherscan shows that the gas fee for a failed transaction would be 46 gwei. These are fractions of a penny (one gwei equals one billionth of 1 ETH).

The wallet had to have enough ETH to cover it, but users could determine how much they were willing to pay in gas for a transaction. So, hypothetically, it could be that whoever controls the Alameda Research wallet didn’t want to pay 46 gwei to transfer the funds.

Attorney Adam Landis, who represents FTX Group in the bankruptcy proceeding, did not immediately respond to a request for comment. Open the password.

FTX has been under heavy scrutiny for its activities on the chain since Friday, when the exchange and 134 other entities filed for bankruptcy. But hours later 650 million dollars worth of funds FTX-run wallets said there were “unauthorized” transactions.

“Among other things, we are in the process of removing trading and withdrawal functions and moving a large number of identifiable digital assets to a new cold wallet,” said FTX General Counsel Ryne Miller. on Twitter FTX CEO John Ray made a statement. “As widely reported, unauthorized access to certain assets has occurred.”

Since then, Bahamian authorities have said they have not ordered FTX to allow Bahamian users to withdraw money, as the exchange previously did. he claimed on Twitter. On Thursday, after withdrawals were disabled for all users, millions began to move from the stock market.

This was reported by the Bahamas Securities Commission on Thursday He froze the assets of FTX and asked the Supreme Court to appoint a liquidator. After Saturday’s unlicensed operations, police in the Bahamas announced they were investigating the potential.criminal act.”

Trouble began for FTX when a report emerged from Alameda Research showing that at least $5 billion of its $14 billion balance sheet was in FTT. Both FTX and Alameda were founded and owned by FTX CEO Sam Bankman-Fried, but he has always maintained that the two entities are separate.

Aside from the FTT revelations, Alameda’s balance sheet also revealed that most of the company’s assets are held in highly illiquid tokens, such as Serum, the native token of the Solana-based decentralized exchange founded by Bankman-Fried.

The news prompted Binance to announce that it would be liquidating its FTT position 580 million dollars at that time. The news excited investors who withdrew billions from FTX within 48 hours. Eventually, FTX ran out of funds to withdraw the money and Binance announced its intention to acquire FTX. However, within a day this contract was broken and on Friday FTX declared bankruptcy.

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