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The FTX Controversy Continues: Alameda Dumps $1.7M Crypto Assets For Bitcoin

Author: Sohrab Khawas

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    On December 28, a significant amount of tokens owned by SBF’s trading business Alameda Research were sold on the open market. Cryptocurrency research company Arkham Intelligence reported that approximately $1.7 million worth of Ether, USDC, DAI, and CRV tokens were traded over several hours from wallets connected to Alameda. 

    The assets were then exchanged for Bitcoin on trading platforms such as FixedFloat and ChangeNow. 

    According to Arkham Intelligence, the total value of cryptocurrencies held by Alameda has decreased from $140 million in the middle of November to $112 million.

    The FTX-Alameda Drama Continues to Unfold

    The recent transfer of assets from FTX has raised concerns among the community. 

    It has been hypothesized that the way in which these funds are being exchanged resembles that of an exploiter, but given SBF’s history of criminal activity, it is possible that the transfers are an inside job to remove whatever is left in the wallets, including the $112 million mentioned previously. 

    Coinciding with SBF’s bailout were continued transfers of funds from Alameda accounts, as millions of dollars worth of cryptocurrency were stolen from FTX’s wallets on the same day that the exchange filed for bankruptcy. U.S. authorities are investigating the FTX exploit that cost the company $370 million. 

    Additionally, on November 6, 2022, all 20,176.84 BTC in FTX’s Bitcoin holdings, worth $334 million at the time, were stolen in less than 24 hours. The whereabouts of the BTC are unknown, and while some people speculate that white hat hackers or police enforcement now control them, others believe that a thief is responsible.

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