On the 28th of December, several wallets associated with Alameda Research, a trading firm founded by the disgraced founder & ex-CEO of FTX Sam Bankman-Fried, came to life late a few hours ago. In a Twitter post, Martin Lee, a data journalist at Nansen, revealed that these wallets swapped various cryptocurrencies.
According to Martin Lee, lots of activity was going on among Alameda Research wallets in the late hours of the 27th of December in the evening. According to the data journalist, several Ethereum-based tokens consolidated into two main wallets and were later swapped for Ethereum and Tether. The transaction included 3,263 CVX Convex Finance tokens, worth around $11,390, sent from Convex Finance to an Alameda Research wallet.
Then, these funds were sent to a MetaMask wallet, with an additional 74,112 CRV, worth around $39,152, from Alameda Research. According to the data journalist, there was another third transfer of 45.6 Ethereum, worth around $55,219, which was sent to an unknown address. All these funds were further transferred to instant exchange services ChangeNow and FixedFloat.
In a tweet, Martin Lee said that transactions seem odd to me. Consolidation makes sense, but after it’s being consolidated, the funds get sent to fresh wallets before it gets sent to ChangeNow and FixedFloat, the data journalist added. It was not only Martin who revealed these transactions, but another research firm, OXT, also revealed these transactions. OXT said that the way the funds have been swapped rings some significant alarm bells.
And another on-chain data firm, ZachXBT, further revealed that these funds had been swapped for Bitcoin. Regarding who was behind these transactions from the wallets associated with Alameda, several suggested that the transfers could have been initiated by FTX liquidators. But ZachXBT denied these suggestions, saying don’t think they would use ChangeNow or FixedFloat.