• Alameda Research, a bankrupt crypto trading firm, is swapping Ethereum-based digital assets for bitcoin (BTC).
• Data shows that the ERC-20 tokens are being swapped for BTC and were sent to four new wallet addresses.
• An account with the handle ‘@Crypto_Exchange_’ alleges that Alameda has already dumped more than $800,000 worth of altcoins.
Alameda Research, a crypto trading firm that was forced to file for bankruptcy earlier this year, is now back in the game. Data shows that the firm is actively swapping Ethereum-based digital assets for bitcoin (BTC). The on-chain analyst Miles Deutscher has revealed that Alameda Research’s wallets are active “again” as the disgraced FTX boss, Sam Bankman-Fried (SBF), is “back home.”
Martin Lee, a data journalist from the on-chain data provider Nansen, has also discovered that Alameda is sending the funds to “fresh wallets” and then to two crypto mixers — FixedFloat and ChangeNow — for instant swaps while trying to “hide their tracks.” The ERC-20 tokens are being swapped for BTC and are being sent to four new wallet addresses.
According to the on-chain analyst ZachXBT, Alameda converted fragments of altcoins — worth roughly $800,000 — to approximately 47.62882 BTC. This has caused quite a stir on Twitter, with some accounts like ‘@Crypto_Exchange_’ alleging that Alameda has already dumped more than $800,000 worth of altcoins.
The movements come as new evidence shows that SBF — free on a $250 million bond deal — borrowed around $546 million from Alameda to purchase Robinhood shares. Whether or not Alameda Research’s activities are linked to this remains to be seen. It is, however, clear that the firm is up to something and the crypto community is keeping a close eye on its activities.