Sam Bankman-Fried’s Alameda Sells $1.7 Million in Bankrupt Crypto

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Alameda Research has liquidated $1.7 million worth of cryptocurrencies in the past 24 hours. The data showed that wallets associated with Alameda were offloading Ethereum-based tokens, which were then exchanged for bitcoin. The sales come amid bankruptcy proceedings against Sam Bankman-Fried’s crypto empire. LoadingSomething is being loaded.

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Alameda Research has sold approximately $1.7 million worth of cryptocurrencies in the past 24 hours as part of bankruptcy proceedings for Sam Bankman-Fried’s collapsed empire.

The company, which served as a crypto hedge fund, mainly sold Ethereum-based tokens, including curves, ethers, dai, and USD coins. The coins were bundled into two wallets before being sold for the stablecoin Tether and eventually exchanged for bitcoin, according to Arkham Intelligence data cited by CoinDesk.

Arkham said in a Twitter thread that wallets linked to Alameda Research were inactive until Wednesday, with the last previous transaction taking place on December 1. They started trading again on Wednesday and sent the cryptos to mixing services to exchange the cryptos.

“If it was a rogue employee or some sort of infraction, that was pretty broad,” Arkham tweeted.

The sales come as creditors, customers and suppliers of Bankman-Fried businesses fight to be the first to be paid in the event of bankruptcy.

Alameda Research currently holds $112 million worth of cryptocurrencies, according to CoinDesk, down from $140 million held in November.

Meanwhile, Bankman-Fried is under house arrest in California after being charged with fraud for mishandling client funds in conjunction with the collapse of FTX.

He is due in federal court in New York on January 3 and has denied criminal liability since stepping down as CEO of FTX last month.

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