Alameda Research Liquidated Ether-Based Token Holdings for Bitcoin in Past 24 Hours, On-Chain Data Shows

Alameda Research Liquidated Ether-Based Token Holdings for Bitcoin in Past 24 Hours, On-Chain Data Shows

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Shaurya is an analyst/editor for CoinDesk’s markets group in Asia.

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A number of tokens held by Sam Bankman-Fried’s embattled trading company Alameda Research were offered late on Wednesday to the tune of countless dollars, as the company’s creators deal with criminal charges connected to the collapse of Alameda and FTX, the crypto exchange Bankman-Fried ran.

On-chain information pointed out by crypto research study company Arkham Intelligence recommended $1.7 million worth of tokens from Alameda-linked wallets was offered outdoors market over a period of numerous hours on Wednesday. That stimulated issues on Crypto Twitter that the sales would set off a high fall in the costs of those tokens.

On-chain information revealed Ethereum-based tokens such as USD coin (USDC), dai (DAI), curve (CRV), ether (ETH), convex (CVX) and others were combined from a number of wallets to simply 2 wallets and later on cost tether (USDT) stablecoin.

The worth of the deals varied from a portion of an ether to over 15 ether, the on-chain information programs. The holdings were then transformed into bitcoin (BTC) utilizing switching services like FixedFloat and ChangeNow, on-chain sleuth ZachXBT kept in mind in a tweet.

According to Arkham Intelligence information, Alameda still holds over $112 million worth of different cryptocurrencies, below $140 million kept in mid-November, as CoinDesk formerly reported.

FTX applied for personal bankruptcy in November after discoveries that Alameda, a hedge fund that Bankman-Fried likewise owned, was mainly backed by FTT tokens, digital properties that FTX produced out of thin air.


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CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk’s markets group in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk’s markets group in Asia.

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