Alameda Research liquidated ether-based token holdings for Bitcoin in the past 24 hours, according to on-chain data

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Several tokens held by Sam Bankman-Frieds’ beleaguered business unit Alameda Research were sold off late Wednesday for millions of dollars, as the company’s founders face criminal charges related to the collapse of ‘Alameda and FTX.

Onchain data cited by crypto research firm Arkham Intelligence suggests that some $1.7 million worth of tokens from Alameda-linked wallets were sold on the open market over a period of several hours on Wednesday. The sales raised concerns about a sharp drop in the prices of these tokens among some Crypto Twitter users.

On-chain data showed that Ethereum-based tokens such as USD Coin (USDC), dai (DAI), curve (CRV), ether (ETH), convex (CVX) and others were consolidated from multiple wallets to only two wallets, and later sold for tether stablecoins (USDT).

The value of transactions ranged from a fraction of an ether to more than 15 ethers, according to on-chain data. The holdings were then converted into bitcoins using exchange services like FixedFloat and ChangeNow, on-chain sleuth ZachXBT noted in a tweet.

According to data from Arkham Intelligence, Alameda still holds over $112 million of various cryptocurrencies, up from $140 million held in mid-November, as CoinDesk previously reported.

FTX, a crypto exchange, filed for bankruptcy in November after revelations that Alameda, a hedge fund that Bankman-Fried also owned, was largely backed by FTT tokens, digital assets that FTX created from scratch.

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