Alameda Research transferred around 70% of the withdrawn funds to FTX International.
Alameda Research, a private equity firm offering cryptocurrency trading services, had reportedly withdrawn $204 million from FTX US before the company filed for bankruptcy.
According to the tweet shared by blockchain firm Arkham Intelligence, Alameda Research took out funds from eight different addresses on FTX US in various crypto assets, with the majority in stablecoins.
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In its report, the blockchain firm highlighted that around 70% or $142.4M of withdrawn funds were moved to wallets owned by FTX International. Arkham Intelligence believes that it allows making the assumption that “Alameda may have been operating to bridge between the two entities.”
The Arkham Intelligence data showed that around 57% (or $116 million) of withdrawn funds were in stablecoins, such as USD Coin (USDC), TrueUSD (TUSD), Tether (USDT), and Binance USD (BUSD). It is worth noting that the majority of stablecoins, around $106 million, were moved to FTX.
On top of that, Alameda Research took out $49.49 million (around 24% of all funds) in Ethereum (ETH) and $38.06 million (approximately 19%) in Wrapped Bitcoin (wBTC). In its tweet, Arkham Intelligence added:
The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC blockchain.
Moreover, the blockchain firm emphasized that Alameda sent $35.52 million worth of Ethereum to FTX, with around $13.87 million moved to an active trading wallet. On the other hand, Arkham Intelligence data revealed that Alameda sent $10.04 million in USDT to crypto exchange Binance.
On November 11th, FTX, FTX US, Alameda Research, and 130 companies in FTX Group filed for Chapter 11 bankruptcy in the District of Delaware.