Onchain Sleuths Discovers Alameda-Linked Funds Traded For ETH, USDT, BTC By Mysterious Entity – Bitcoin News

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On December 27, 2022, a number of on-chain researchers noticed that funds related to Alameda Research and FTX had been moved and swapped for other tokens. Reports show that the hacker known as “FTX Accounts Drainer” traded large sums of ERC20 tokens for digital assets such as tether, ethereum, and bitcoin.

Sam Bankman-Fried’s Alameda Research Funds Traded for Ethereum, Tether and Bitcoin

It looks like whoever controls the funds that were once connected to Alameda and FTX is starting to move a large handful of ERC20 tokens. According to OXT onchain researcher Ergo, on Twitter, Alameda-linked addresses began trading ERC20 for ETH and USDT. “Alameda ETH addresses are digging through the couch for spare currency and swapping ERC20 bits for ETH/USDT,” Ergo tweeted. “ETH and USDT then moved through instant exchanges. Rings some major alarm bells,” the channel researcher added.

In response to Ergo’s tweet, chain sleuth Zachxbt responded and said, “funds are exchanged for [bitcoin]“, while sharing four different BTC addresses (1, 2, 3, 4). These four addresses received approximately 11.9 bitcoins worth almost $199,000 using current BTC exchange rates. In the thread posted by Ergo, someone asked if the movement of funds was likely coming from the liquidators, Zachxbt dismissed the idea when he tweeted: “don’t think they would use Fixedfloat or Changenow”.

Ergo also clarified that funds were transferred to this Ethereum wallet here.

Martin Lee of Nansen also confirmed that the funds were sent to Fixedfloat or Changenow. “A lot of activity has been happening among Alameda wallets over the past 6-7 hours,” Lee said. “Various tokens on ETH being consolidated in [two] main wallets. Exchanged to ETH/USDT (USDC to USDT as well). USDT [then] traded for ETH. Sent to multiple wallets and [then] at Fixedfloat [and] Change now.” Lee added:

The transactions seem weird to me. Consolidation makes sense, but after being consolidated funds are sent to new wallets before being sent to Changenow [and] Fixed float.

In addition to recent movements, the FTX Accounts Drainer is also checking the Ethereum (ETH) address “0x97f”. The wallet contains approximately $200 million in ERC20 tokens and $41 million in FTT tokens. There is a substantial sum of crypto assets that was confiscated by an unknown entity on the same day that FTX filed for bankruptcy.

Moreover, a few days before the bankruptcy filing on November 6, 2022, FTX’s bitcoin reserves, which were equivalent to 20,176.84 BTC, were siphoned from the wallet in less than 24 hours. The whereabouts of over 20,000 bitcoins worth $334.24 million today remains a mystery. A number of speculators have questioned whether hackers or even law enforcement now have control of these funds, while many believe the owner is simply a thief.

Tags in this story 20176.84 BTC, Alameda Research, Bitcoin, BTC Addresses, ERC20, Ergo, Ethereum, Ethereum Addresses, Ethereum Wallets, ftx, FTX Accounts Drainer, FTX Exchange, Hacker, Onchain, Onchain Movements, onchain detectives, Onchain Spending, Sam Bankman-Fried, sbf, swaps, trades, unknown entity, wallets, Zachxbt

What do you think of Alameda funds in motion and ERC20 tokens being traded for Ethereum, Tether, and Bitcoin? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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