Alameda wallets funnel over $1.7 million through crypto mixers overnight

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30 cryptocurrency wallets linked to Alameda Research, the bankrupt sister company of crypto exchange FTX, became active on December 28 after four weeks of inactivity. These wallets have traded and mixed over $1.7 million worth of crypto assets through various crypto mixing services.

Crypto mixers are often used by market exploiters and criminals to hide the transaction path so that funds cannot be traced back to the original source.

As Cointelegraph reported on December 28, the sudden movement of funds from Alameda wallets just days after Sam Bankman Fried was released on bail raised suspicion in the crypto community. Nearly 24 hours later, it appears that the culprit behind these money transfers used extensive planning to obscure transaction routes.

According to data shared by crypto-legal group Arkham, the first funds transfer began with multiple Alameda addresses exchanging tokens for Ether (ETH)/Tether (USDT), sending them to crypto mixers. The majority of these transfers were tracked to two main wallets starting with 0xe5D and 0x971.

Movement of funds from the Alameda portfolio Source: Arkham

Alameda wallet tokens were first sent to an address starting with 0x738 and then to an address 0x64e. This 0x64e wallet then splits the ETH and sends it to smaller wallets, typically in sizes of $200,000 and $50,000. After that, it was sent to mixers such as Fixedfloat and ChangeNOW.

Movement of traded ETH to smaller wallets Source: Arkham

Another wallet was used to trade stablecoins, where assets in the wallet were first exchanged for USDT and then sent to Fixedfloat. A total of 800,000 USDT was traded using mixers, while an additional 400,000 USDT was channeled through other methods. An additional 200,000 USDT worth of stablecoins was sent to the BTC network using renBTC.

Related: What to expect from crypto the year after FTX

A total of $1.7 million in funds were exchanged and sent through various mixing services as follows:

270.5 ETH via ChangeNOW (~$325,000) 800,000 USDT via Fixedfloat 200,000 USDT via Curve SynthSwap (to native BTC) 200,000 USDT via Airswap 200,000 USDT via other crypto mixing services

The movement of Alameda wallet funds routed through mixing tools has created a real buzz in the crypto community. Many question the timing of remittances while others point to the use of mixing services and the inability of authorities to prevent such a thing despite the case being pending.

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