Good day everyone,
I hope you are all well and having a great day, welcome to CryptoGod-1's blog on all things crypto. Today I will be doing a write up about the latest concerns of the crypto community regarding SBF, FTX, and Alameda. This time, its back to the transfer of funds from the wallets associated with the organisation, with millions in FTT tokens being transferred. I previous posted when the news broke that Sam Bankman-Fried had been alleged to have moved assets from wallets associated with the now-bankrupt Alameda Research following his bail and house arrest, which can be found here:
Latest Alameda Wallet Activity
On Tuesday the 7th of February 2023 the crypto community was once again alerted to the news that wallets associated with Alameda Research, and in turn Sam Bankman-Fried, were once again active. The token in question was FTT, the crypto token associated with SBF's former exchange FTX. This has sparked concern and outrage within the community, with many questioning and wondering what law enforcement are doing to prevent SBF from impacting the crypto markets and accessing the wallets of Alameda.
However, the activity really began on the 2nd of February, when Blockchain security firm PeckShield reported the "Alameda Consolidation" address had received $13 million in crypto assets from three different wallets. In this unusual move the wallet had nearly $8.5 million in USDT and ETH transferred from the cryptocurrency exchange Bitfinex. The other two transfers are as of yet unidentified, but sent in and around $6 million in USD Coin to the wallet.
From there the wallets ramped up activity from the 7th of February.
The Alameda Research Wallet address, known as "brokenfish.eth" transferred nearly $2 million in FTT tokens out of the BentoBox smart contract on SushiSwap. This smart contract is known for acting as a central vault in the Sushi ecosystem. Back in 2020 that ecosystem was taken over by SBF from the developer known as Chef Nomi.
Another Alameda Research Wallet, known as "Alameda Research 4" purchased over 1 million FTT tokens, valued around $1.86 to $1.87, which equated to a total of $2.3 million spent on FTT tokens. From there the wallet opened up a loan position on the decentralized crypto lending platform Abracadabra and currently has 73,000 FTT and $31,000 mortgaged.
Is Sam Bankman-Fried Behind This?
The honest truth is that it is unknown exactly who is, or is not, behind these crypto transactions. However, the most obvious answer would be that it is in fact the bankruptcy and new court-appointed CEO of FTX, John Ray III, who has issued these transactions. He made it clear previously that he intended to seize control of the remaining assets of FTX and use them to pay off the outstanding debts, which is more than $3 billion to its top 50 creditors alone. That is before even considering the millions who had assets on the exchange at the time of the collapse. Back on the 17th of January 2023 they announced the discovery of over $5.5 billion in liquid assets through their investigations, and this could be the initial steps in processing and moving these funds.
However, it seems somewhat strange that the funds have been used to purchase FTT tokens, and not everyone is convinced it is the new CEO and not the former one, as shown by the response from @lordy_arf below.
Others, such as @CarlosJRegueir1, took the less light-hearted approach, referencing how SBF is allowed to spend his time at his parents mansion instead of being behind bars where many believe he belongs.
All in all this could just be some regular crypto movements by the new CEO, and his team, of the funds which have been located. It could also be some foul play, with access to those wallets potentially being from the likes of SBF, or even missing man Sam Trabucco, the former co-CEO of Alameda who stepped down in August 2022. There will of course be many unaswered questions which reveal themselves along the way, and all we can do is speculate, but it is clear the crypto community is watching all activity like a hawk and nothing will go unnoticed by them.
Have a great day.
Peace. CryptoGod-1.
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