Alameda Research withdrew $204 million before the bankruptcy

FTX United States
  • Before the bankruptcy was declared this month, Alameda Research withdrew $204 million.
  • More than half of the funds were withdrawn in dollar-pegged tokens, such as USDT, USDC, BUSD, and TUSD, according to firm Arkham.
  • Alameda Research was the entity that withdrew the most funds from FTX US, the US affiliate of FTX International.

Alameda Research, the trading firm founded by Sam Bankman-Fried and Tara Mac Aulay, which along with exchange FTX filed for Chapter 11 bankruptcy this month, withdrew at least $204 million before filing.

This was recently reported by the cryptocurrency intelligence, analysis and research firm Arkham, which published last Friday, November 25, that it analyzed the flows of FTX US, the FTX subsidiary in the US, days before the collapse. 

t should be noted that this Arkham analysis does not include withdrawals made from FTX International, but only the assets of its US affiliate.

From this analysis, Arkham detected that “Alameda withdrew the largest amount of funds, with 204 million dollars,” the research firm revealed through the social network Twitter.

Likewise, the Arkham team shared a diagram of different withdrawals made from FTX US to a variety of entities in the cryptocurrency ecosystem, such as FTX Exploiter, Amber Group, Yuga Labs, among others.

In the specific case of withdrawals from FTX US to Alameda Research, the analysis firm identified eight (8) addresses that in total captured the equivalent of $204 million in Bitcoin (BTC) and other cryptocurrencies and tokens. 

Of that amount, about 70% of the total was sent to addresses that were identified as owned by FTX International, “suggesting that Alameda may have been operating as a bridge between the two entities,” the Arkham team asserted.

After last November 6, Alameda Research received funds from FTX US in “stablecoins” or tokens anchored to the dollar, the Wrapped BTC token (WBTC) and in the cryptocurrency of the Ethereum network, ether (ETH).

Specifically, Alameda Research received $38.06 million in WBTC (18.7%), $49.39 million in ETH (24.2%), and $116.52 million in allegedly dollar-pegged stablecoins, such as USDT, USDC, BUSD and TUSD, Arkham reported.

Based on the above data, Arkham reported that the largest percentage of the total funds (57.1%), which represents more than half of the $204 million, was received in so-called stablecoins.