According to the blockchain firm Arkham Intelligence, over 50% of the funds transferred after Nov. 6 were in USD-pegged stablecoins. Alameda Research took over $200 million from FTX.
Arkham revealed that Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, most of them stablecoins, in the final days before the collapse.
Among the withdrawn assets, $116 million, or 57.1%, were in stablecoins fixed to the US dollar, including Tether (USDT), USD Coin, Binance USD (BUSD) and TrueUSD (TUSD). Arkham’s analysis likewise showed that $49.49 million (24.2%) of the assets was in Ether, and $38.06 million, or 18.7%, was in Wrapped Bitcoin (wBTC). and $38.06 million, or 18.7%, was in Wrapped Bitcoin “wBTC”. One more $10.4 million was shipped off the adversary cryptographic money trade Binance.
John Ray III, the new CEO of FTX, described the situation as the worst he had seen in his corporate career in the initial bankruptcy filing.
In the underlying chapter 11 documenting to the US Bankruptcy Court for the District of Delaware, FTX new CEO John Ray III portrayed the circumstance as the most exceedingly awful he had found in his corporate vocation, featuring the “complete disappointment of corporate controls” and a shortfall of dependable monetary data.
Around 130 companies in the FTX Group- including FTX Exchanging, FTX US, under West Domain Shires Services, and Alameda Research – sought financial protection in the US on Nov. 11, following a “liquidity mash” after a progression of tweets sell-off of FTX Token.
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