Alameda Research withdrew $204M ahead of the bankruptcy, says Arkham Intelligence | The Financial Express

Alameda Research withdrew $204M ahead of the bankruptcy, says Arkham Intelligence

Of the transferred Ether, $13.87 million was sent to a sizable active trading wallet and $35.52 million was sent to FTX.

Alameda Research withdrew $204M ahead of the bankruptcy, says Arkham Intelligence
Prior to declaring bankruptcy, Alameda Research withdrew more than $200 million from FTX.US

Prior to declaring bankruptcy, Alameda Research withdrew more than $200 million from FTX.US, according to research from blockchain company Arkham Intelligence, which was made public on November 25, as reported by Cointelegraph.

Cointelegraph further noted that in a thread on Twitter, Arkham disclosed that in the final days before the collapse, Alameda Research, FTX’s sister company, took $204 million in various crypto assets, the majority of which were stablecoins, from eight different FTX US addresses. It also sent $10.4 million to Binance, a rival cryptocurrency exchange.

John Ray III, the new CEO of FTX, highlighted the “complete failure of corporate controls” and a lack of reliable financial information in the company’s initial bankruptcy filing to the United States Bankruptcy Court for the District of Delaware, calling the situation the worst he had ever seen in the corporate world.

Of the transferred Ether, $13.87 million was sent to a sizable active trading wallet and $35.52 million was sent to FTX. It’s unclear, according to the company, “whether the nearly $14 million in ETH was sent to 0xa20 as part of a trade, or as an internal fund transfer within Alameda.

(With insights from Cointelegraph)

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First published on: 27-11-2022 at 12:03 IST