FTX fell into bankruptcy, and its failed operations put other businesses collaborating with them at risk at the time. The FTX Corporation now owes over $3 billion to its top 50 creditors.
A research company named Alameda was able to withdraw the most funds from FTX before it collapsed.
On November 25, Arkham Crypto Intelligence report indicates that Alameda Research pulled out $204M of their investment in FTX before the collapse. Furthermore, Arkham identified eight different addresses from which Alameda had withdrawn a total of $240M worth of various digital assets.
Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.
Below is a diagram of withdrawals to Arkham-identified entities from FTX US.
n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO
— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022
Arkham reported that $142.4 million (69.8%) of funds were transferred to wallets owned by FTX International. It seems that Alameda Research might have been acting as an intermediary between the two companies. More analysis reveals that after November 6th, Alameda only withdrew USD-stable tokens or wrapped bitcoin or Ethereum from FTX US.
Arkham claims the wallet related to the funds was large and very active in OTC trading and still initiating token transfers even today. This indicates it could have been either an external trade or an internal transfer with Alameda.
Furthermore, the report shows that Alameda has reportedly split the USD-stable tokens among USDT, USDC, BUSD, and TUSD.
Alameda Withdraws Assets To Multiple Platforms
Alameda withdrew the assets and divided them into multiple cryptocurrencies, including $10.04M of USDT sent to Binance, $32.17M of USDT swapped for USDC, which was then transferred to FTX.
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Alameda Research made the largest withdrawal before the FTX saga. And $203 was transferred back to them from FTX US after November 6th.
Arkham added that out of all funds, “$152.15M was deposited to CEX – Binance/FTX, $38.06M sent to BTC Blockchain, and $13.87 held in trading wallet 0xa20.”