On Wednesday, wallets linked to Alameda Research, the arm of FTX and SBF, are showing suspicious movements as they swapped Ethereum-based tokens for Ethereum and USDTether, and then for Bitcoin, Arkham Intelligence reports.
As Sam Bankman-Fried struggles to defend himself in front of the court, Alameda seems to be moving some funds around to two wallets based on the on-chain data gathered by the security firm. The ETH and USDT are then funneled through instant exchangers.
These wallets were previously inactive but suddenly began processing transactions in the last 24 hours, hinting at red flags in the community.
The holdings were swapped for Bitcoin using DEXs like FixedFloat, Airswap, ChangeNow, and crypto mixing services. Analyst ZachXBT reports that this movement cannot be done by FTX’s legal team as it is currently under investigation in court.
OXT Research Ergo says these addresses “are possibly controlled by the bankruptcy team” but there’s no source to be sure about this.
No one really knows the reason behind this swapping of tokens and the team hasn’t shared any details about this case.
As of now, Alameda is in possession of $112 million in cryptocurrencies while Bankman has only $100,000 left in his bank account (as he claims) and was released with a $250M bail a few days ago.