Wallet movements related to Alameda Research, which is in bankruptcy with FTX, continue to attract attention. In particular, it is reported that five altcoin projects are the subject of the latest sales transactions. Here are the details…
On-chain data points to Alameda’s altcoin sale
Several tokens held by Sam Bankman-Fried’s embattled trading unit, Alameda Research, suffered sales. It was sold for millions of dollars late Wednesday as the company’s founders face accusations over the collapse of Alameda and FTX. Onchain data transmitted by crypto research firm Arkham Intelligence confirmed this. The data showed that approximately $1.7 million worth of tokens had emerged from Alameda-linked wallets. He suggested that these tokens were sold within a few hours on the open market on Wednesday.
The sales have caused concern in the cryptocurrency community. The cryptocurrency community on Twitter specifically expressed its concerns about a sharp drop in the price of these coins. As it is known, when a large sale is made, it is possible to see a decrease in the price of the coin in question. Because too many coins suddenly enter the market.
Ethereum-based altcoins on the move
On-chain data shows USD Coin (USDC), Dai (DAI), Curve (CRV), Ethereum (ETH), Convex (CVX) being sold. In addition, other Ethereum-based tokens are also sold. The data showed that Ethereum-based tokens were downgraded and consolidated from several wallets to just two. These coins were then sold for the stablecoin Tether (USDT). cryptocoin.comAs we have also reported, USDT is a stable cryptocurrency with a 1:1 ratio to the US dollar.
According to on-chain data, the value of transactions ranges from small amounts of Ethereum to 15 Ethereums. As expert ZachXBT noted in a tweet, the assets were then converted to Bitcoin using swap services such as FixedFloat and ChangeNow. According to Arkham Intelligence data, Alameda owns over $112 million in various cryptocurrencies. However, in mid-November, this amount was over $140 million.
The funds are being swapped for BTC
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bc1q7p22k0ly0pmy04ermzu76uyylveehu9cusrcnp pic.twitter.com/ueYLjQOalZ— ZachXBT (@zachxbt) December 28, 2022
As is known, Alameda, a hedge fund owned by Bankman-Fried, the founder of FTX, a crypto exchange, has been in big trouble lately, along with FTX. It turns out that Alameda funds are largely backed by FTT tokens, which are cryptocurrencies that FTX created out of nothing. It then filed for bankruptcy in November. FTX likewise filed for Chapter 11 bankruptcy protection.
