Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Several tokens held by Sam Bankman-Fried’s embattled trading unit Alameda Research were sold late on Wednesday to the tune of millions of dollars, as the the firm’s founders face criminal charges related to the collapse of Alameda and FTX.
Onchain data cited by crypto research firm Arkham Intelligence suggested some $1.7 million worth of tokens from Alameda-linked wallets were sold in the open market over a span of several hours on Wednesday. The sales sparked concerns about sparking a steep fall in the prices of those tokens among some Crypto Twitter users.
On-chain data showed Ethereum-based tokens such as USD Coin (USDC), dai (DAI), curve (CRV), ether (ETH), convex (CVX) and others were consolidated from several wallets to just two wallets, and later sold for tether stablecoins (USDT).
The value of the transactions ranged from a fraction of ether to over 15 ether, the on-chain data shows. The holdings were then converted into bitcoin using swapping services like FixedFloat and ChangeNow, on-chain sleuth ZachXBT noted in a tweet.
As per Arkham Intelligence data, Alameda still holds over $112 million worth of various cryptocurrencies, down from $140 million held in mid-November, as CoinDesk previously reported.
FTX, a crypto exchange, filed for bankruptcy in November after revelations that Alameda, a hedge fund that Bankman-Fried also owned, was largely backed by FTT tokens, digital assets that FTX created out of thin air.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
