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Reading: Alameda swaps Ethereum-based tokens for BTC from linked-wallets
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HOME > News > CRYPTOPEDIA > Alameda swaps Ethereum-based tokens for BTC from linked-wallets
CRYPTOPEDIANews

Alameda swaps Ethereum-based tokens for BTC from linked-wallets

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Posted news room December 29, 2022 110 Views 2 Min Read
Updated 2023/01/19 at 10:22 PM
Alameda swaps Ethereum based tokens for BTC from linked wallets
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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. 

Alameda ETH addresses are digging around in the sofa for spare change and swapping bits ERC20s for ETH/USDT.

ETH and USDT then funneled through instant exchangers.

Rings some major alarm bells…https://t.co/GRVtChDL9rhttps://t.co/LJBi7cuFZLhttps://t.co/nxcXWgm5VO pic.twitter.com/AqcgxVRoMr

— šŸ“āˆ“Ergoāˆ“šŸ“ (@ErgoBTC) December 28, 2022

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. 

Source: Arkham Intelligence

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 ā€œare possibly controlled by the bankruptcy teamā€ 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. 

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