Home » FTX US – Alameda Research allegedly withdrew $200m in cryptocurrencies before the collapse

FTX US – Alameda Research allegedly withdrew $200m in cryptocurrencies before the collapse

by Patricia

Accusations of wrongdoing are mounting for Alameda Research and FTX, following the collapse of the exchange platform. The investment firm founded by Sam Bankman-Fried was reportedly the entity that withdrew the most funds from FTX US in the days leading up to its collapse. What do we know so far

Alameda Research reportedly made large withdrawals just before FTX’s collapse

The news was reported by analyst firm Arkham, which published a report this weekend. It concerns the funds of the FTX US platform, the company’s US arm. The analysis reveals that Alameda Research was the entity that made the largest withdrawals from November 6:

List of entities with the largest cash withdrawals on FTX US

List of entities with the largest cash withdrawals on FTX US


Alameda Research reportedly withdrew $204 million, before withdrawals were suspended. They were sent to 8 different addresses, mostly belonging to FTX International:

142.4 million was sent to portfolios held by FTX International, suggesting that Alameda may have been acting as a bridge between the two entities.

The cryptocurrencies withdrawn were USD stablecoins, which correspond to 57% of the amount, Wrapped BTC (wBTC) or Ether (ETH). Of the stablecoins, 10 million USDT were sent to Binance. The rest (USDT, USDC, BUSD and TUSD) were sent directly to FTX. Also of note is a large unidentified portfolio, still active today, which was the recipient of $13 million:

Alameda Research’s troubled relationship with FTX

This is not the first suspicious link between Alameda Research and FTX. The FTX case now seems to focus on the client funds that the platform allegedly used to bail out Alameda Research. Several hundred million dollars were allegedly used in this way.

Another accusation, and not the least, is that Alameda Research bought crypto-currencies on a massive scale before they were listed on FTX. If confirmed, this would be significant insider trading for the company.

All this depends on the often murky links between the two entities, and a particularly risky management of their funds. FTX’s new CEO, John J. Ray III, who is in charge of managing the company’s bankruptcy, recently stated:

“I am not sure that the company is in a position to make a profit.
I have never in my career seen such a failure to control the company and such a lack of reliable financial information.

Opaque communications, centralisation of decisions in a very limited team, unclear links between the CEO of FTX and that of Alameda Research… The revelations follow one another and do not resemble one another in the FTX affair. So much so that the incredible affair has already been booked for a film and a mini-series. Not enough to reassure users of the exchange platform, who wonder if they will ever see the colour of their funds.

Related Posts

Leave a Comment