The Alameda Research Wallets Have Been Revived To Transfer Millions Of FTT
Before opening a loan position on the decentralized crypto lending platform Abracadabra, Alameda’s linked wallet acquired 1 million FTT, worth $2.3 million.
Valentin
March 13, 2023
Cointelegraph reported that on February 7th, wallets linked to the now-bankrupt Alameda Research became active again, transferring millions of dollars’ worth of FTX Tokens. The post-FTX bankruptcy filing activity of these wallets has caused significant concern within the cryptocurrency community, leading many to question the role of law enforcement agencies and how these wallets are being accessed.
The Alameda wallet address “brokenfish.eth” transferred nearly $2 million worth of FTT tokens from the BentoBox smart contract on SushiSwap. This smart contract serves as the main vault for the entire Sushi ecosystem, and former FTX CEO Sam Bankman-Fried has a history with SushiSwap dating back to 2020 when he took over the protocol from its former lead developer Chef Nomi.
The “Alameda Research 4” wallet purchased over 1 million FTT (valued at approximately $2.3 million) in the price range of $1.86-$1.87. Additionally, the wallet established a loan position on the Abracadabra platform, putting up 73,000 FTT and $31,000 as collateral.
The transfer of funds was widely linked to the ongoing bankruptcy proceedings and speculation arose that John Ray III, the CEO appointed by the court for FTX, approved the movements.
Ray III has openly expressed his intention to seize control of the assets of FTX and its subsidiaries to repay debts. On January 17th, FTX reported finding over $5.5 billion in liquid assets during its investigations, with more than $3 billion owed to its top 50 creditors.