Alameda Research-linked wallets move to exchange tokens for Bitcoin

For Hannah Perez

It’s not the first mysterious move since the FTX saga began. More than $300 million USD already disappeared from FTX wallets in November.

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  • Alameda wallets register unusual activity
  • They have been exchanging ERC-20 tokens for Bitcoin
  • Funds moved towards cryptocurrency mixers
  • The work of the liquidators or Bankman-Fried?

The cryptocurrency wallets of Alameda Researchthe sister firm of the embattled exchange FTX, have been activated this week, shortly after the release on bail of its founder, Sam Bankman-Fried (SBF). Suspicious?

Some of the wallet addresses linked to Mallnow bankrupt, have been registering unusual activity in the last few hours, according to coverage by various news outlets.

The account of Twitter ErgoBTC revealed on Tuesday night that several of the accounts of ethereum associated with that company (and identified as belonging to Mall in etherscan) were exchanging tokens ERC20 by ether (ETH) and USDT. Specifically, the addresses sold tokens UNI, YFI, WETH, AAVE and others before switching to the network Bitcoin.

In response to the post, on-chain analyst ZachXBT he pointed than the wallet of Mall eventually he was exchanging the funds for Bitcoin using cryptocurrency mixers like FixedFloat Y ChangeNow.

Cryptocurrency mixing services are used to obfuscate the flow of funds by making it more difficult to identify the owners of the tokens and the origins of the transfers. These services, which can often be exploited by hackers looking to hide the illicit origin of funds, work by mixing different transfer inputs and outputs.

ZachXBT identified four wallets from Bitcoin where the funds are being consolidated and which currently appear to have a combined total of 47.6 BTC, or around $800,000, based on current prices, as reported The Block citing data from block chair.

Community speculates that SBF is behind

The wallet move comes shortly after Bankman-Fried, formerly CEO of FTXwas released under a $250 million bail agreement while he awaits trial.

The founder of FTX, who was arrested in the Bahamas earlier this month and most recently extradited to the US, is charged with fraud and seven other counts. It is suspected that he embezzled money from customer accounts of the exchange for personal expenses and investments, including financing from sister business firm, Mall.

The coincidence of times has fueled speculation that Bankman-Fried could be behind this week’s suspicious transactions. Especially since it seems unlikely that the liquidators in the ongoing bankruptcy proceedings have turned to crypto mixers to carry out the operations, as some users in the community have pointed out.

Some observers have noticed suspicious elements, such as the fact that the account of Twitter of the co-founder follows the accounts of some of these mixing platforms, including that of ChangeNow. while others have disputed bail conditions and wonder why the judge has not limited the defendant’s Internet access, as stated Cointelegraph.

In any case, this is not the first suspicious movement of funds from a credit account. Mall either FTX since the saga of the exchange began. In November, one day after the bankruptcy announcement, just over $320 million in cryptocurrency was mysteriously withdrawn from accounts at FTX. The US Department of Justice is now investigating that alleged hack.


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Article by Hannah Estefanía Pérez / DailyBitcoin

Picture of Unsplash edited in canvas

CAVEAT: This is an informative article. DiarioBitcoin is a communication medium, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. They may not be appropriate for retail investors, as the entire amount invested could be lost. Check the laws of your country before investing.