Alameda Could Turn Ripple And These Altcoins Into Bloodbath!


Alameda Research has started exchanging altcoin holdings for Ethereum and USD Tether. On-chain analysts point out that many cryptocurrencies, including Ripple, are likely to be affected if Alameda Research starts selling altcoin holdings. They argue that this could trigger a bloodbath in cryptocurrencies such as WXRP, GOG, LDO, and XSUSHI. Here are the details…

Sale of Alameda may affect Ripple, LDO, XSUSHI

Alameda Research, a trading firm co-founded by Samuel Bankman-Fried, currently sells a variety of coins. It is currently in the process of converting altcoins to Ethereum and USD Tether based on on-chain analysis. In the last 13 hours, the firm has moved several altcoins to Ethereum via known addresses. Analysts evaluated the price impact if SBF started selling the trading company’s assets. The potential price impact could be disastrous, with drops of up to 99.47 percent in Wrapped XRP (WXRP) and Render (RNDR), according to on-chain analyst Ri_gmi.

The expert looked at Alameda’s on-chain assets using crypto intelligence tracker ArkhamIntel. In the last few transactions, the trading firm has converted altcoins, claimed rewards, and repurchased assets. As we reported, then converted them to Ethereum and USD Tether. Most of the assets are exchanged via Metamask’s in-house swap feature.

Do the movements belong to the liquidators?

According to on-chain analysis, Alameda’s wallet addresses sometimes send their ETH and USDT to new addresses before sending them to instant changers like FixedFloat and changeNOW. The bankruptcy team has yet to confirm whether the multi-signature (multisig) addresses where most of the tokens are deposited belong to them or to a third party. One analyst, ErgoBTC, pointed out that the multisig address was indeed checked by the bankruptcy team. In this case, he points out that Alameda addresses that are not multisig-enabled may be the scene of false positive tags. Analysts are watching Alameda’s wallet addresses closely for the next move. It also determines whether the firm is ready to throw away portfolio assets.

Meanwhile, the second cryptocurrency transactions carrying assets in wallets affiliated with Alameda Research on Thursday were likely handled by the liquidators responsible for FTX’s bankruptcy, according to blockchain analytics firm Nansen. The new transactions come after crypto wallets affiliated with Alameda Research, the trading arm of Bahamas-based cryptocurrency exchange FTX, resumed operations Wednesday for the first time since Dec.

Most of these assets in the initial set of transactions have been moved to two new wallet addresses belonging to unidentified owners. Nansen data reporter Martin Lee pointed out that the two wallets together received over $1.6 million. Half of that came from Alameda-linked wallets, while the rest was moved from unidentified accounts.


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