Arkham: Alameda Research moved more than $200 million from FTX US before the collapse

Shortly before FTX Group filed for bankruptcy, Alameda Research moved more than $200 million in digital assets from wallets belonging to the exchange’s U.S. subsidiary. Arkham analysts said.

Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.

Below is a diagram of withdrawals to Arkham-identified entities from FTX US.

n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO

— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022

On November 11, 2022, FTX Group filed for bankruptcy in accordance with Chapter 11 of the U.S. Bankruptcy Code.

Analysts identified eight addresses to which, since November 6, 2022, Alameda Research moved a total of $204 million in digital assets. The majority of these funds (69.8%) were sent to wallets linked to FTX International.

According to Arkham, the Sam Bankman-Fried-affiliated company withdrew from FTX US:

• $38.06 million in WBTC;
• $49.39 million in Ethereum;
• $116.52 million in USD-pegged stablecoins.

Analysts said that the wrapped assets were moved to the native network. Some ETH were sent to the FTX platform, some — to the address, which Alameda Research uses in OTC trades.

This is 0xa205fD7344656c72FDC645b72fAF5a3DE0B3E825

A large wallet that is very active in OTC trading, and still making token transfers even today.

It’s unknown whether the almost 14M in ETH was sent to 0xa20 as part of an trade, or as an internal fund transfer within Alameda. pic.twitter.com/NMGy6Aj3Ey

— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022

“A large wallet that is very active in OTC trading and is still moving tokens today. It is unknown whether the almost $14 million in ETH was sent as part of a trade, or as an internal fund transfer within Alameda,” Arkham said.

The stablecoins were split across centralized exchanges:

• $10.04 million in USDT sent to Binance;
• $32.17 million in USDT swapped for USDC and transferred to FTX;
• $47.38 million in USDT and $10.15 million in USDC sent directly to FTX;
• $16.28 million in BUSD and $0.50 million in TUSD were also transferred to the platform founded by Bankman-Fried.

As noted, FTX and related entities in bankruptcy have $3.1 billion in obligations to the 50 largest creditors.

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