Nansen Provides Details on Funds Moving from Alameda

Funds have been on the move from Alameda Research wallets – mostly in small amounts with the majority being combined into two digital wallets prior to being sent to FixedFloat/ChangeNow. This is according to a report by Martin Lee at Nansen – a blockchain analytics firm.  Alameda was the hedge fund controlled by Sam Bankman-Fried and the conduit for his taking client money from FTX which fueled the collapse of crypto exchange when it became apparent there were insufficient funds to cover redemption requests.

Nansen adds there seem to be two transfers occurring:

  • The first set are the transactions below
  • The second set that occurred after the first transactions could be by the new management – all being sent to this wallet.

Of course, this may not be nefarious activities and could be the work of new managers attempting to put all of the digital asset pieces back together again. But then again, this is crypto…

The report from Nansen is available below.

Wallet 1: 0x7386

  • Only token received was ETH, total amount received was 570 ETH, all of which have been transferred out.
  • 53% (303 ETH) was received directly from wallets we have tagged as Alameda. 47% (266 ETH) from unknown wallets, which could be Alameda wallets that we don’t have tagged or funds from elsewhere. Interestingly, the wallet received 0.66 ETH from a wallet we have tagged as SBF: Sushi Multisig Signer. 
  • 91.2% (520 ETH) was transferred to wallet 2, 8.7% (50 ETH) was transferred to another fresh wallet before being sent to ChangeNow. 

Wallet 2: 0x64e9

  • Received 719,498 LDO ($690k) and 230 ETH ($275k) from Alameda wallets,  520 ETH from wallet 1 and 4 ETH from unknown wallets. 
  • LDO tokens were swapped to 601.49 ETH.
  • 1158.9 ETH were swapped to 1.4M USDT
  • 200K USDT was used to purchase 11.9 sBTC on Curve Finance’s Synth Swap, before being swapped to 10.336 renBTC ($198k)
  • renBTC was redeemed, we don’t have BTC support so I can’t trace that. 
  • 200k USDT were swapped back to 164.3 ETH (via Airswap)
  • 360.5 ETH was sent to other fresh wallets which sent the funds to ChangeNow, FixedFloat. 
  • 800K USDT sent to fresh wallets which sent it to FixedFloat, 200K USDT was sent through a couple of wallets before being sent to Binance. Example here

Total Received:

  • 719,498 LDO
  • ~804 ETH

Total Sent:

  • 10.336 BTC
  • 410.5 ETH sent to ChangeNow/FixedFloat
  • 800k USDT to FixedFloat
  • 200K USDT to multiple wallets, which eventually got sent to Binance

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