Addresses and wallet addresses on the Ethereum network of Alameda Research, which ignited the FTX crisis, were examined. It was announced that there are dozens of Ethereum blockchain-based altcoin projects within the company. Also, the net worth of altcoins is around $220 million.
Alameda Research has these altcoin projects
According to data provided by on-chain tracking platform Lookonchain, addresses on Ethereum belonging to Alameda Research have been examined. As a result of the examinations, a total of 56 addresses were checked in detail. The net worth of cryptocurrencies at these addresses and held by Alameda is $222 million. As a result of the review, the value of the altcoins in the wallets was transferred as approximately $ 150.5 million. However, the dollar value of tokens in decentralized finance protocols is $ 75.5 million. It was stated that the total debt to the protocols was approximately 3.6 million dollars.
According to data provided by Lookonchain, 19 of the 56 addresses identified as belonging to Alameda have a net worth of more than $100,000. More than $1 million worth of tokens are available at 13 addresses. All wallet addresses are on the Ethereum blockchain. In connection with this, any information about the tokens in the Solana network is not included in the research. It is known that Alameda has invested in Solana along with FTX. However, after the allegations, SOL, the altcoin of the Solana ecosystem, experienced serious decreases yesterday.
Searched accounts have these 11 altcoins
Among the investigated accounts are ETH, Bybit’s native altcoin BIT and FTX’s altcoin FTT. Apart from these, there are also stablecoin projects. The company has $1.6 million worth of Ethereum in its accounts. Afterwards, there is a BIT token next to FTT worth $2.2 million. The total value is stated to be 34 million dollars. Alameda also holds $85 million USDC and $16 million USDT. Along with all these altcoins, SRM, OP, SAND, FTM and MATIC were also included in the analyzed accounts.
As we have reported as Kriptokoin.com; The company owes $3.64 million to decentralized finance protocols. It is reported that Alameda received 1,000 NEARs worth $2.7 million from Bastion. However, it is reported that the company has not yet paid off this debt.
6.9 million FTT are staked
4.6 million SUSHIs worth $6 million were staked on Sushiswap. However, Alameda has the right to withdraw and sell these altcoins at any time. Additionally, 6.9 million FTTs are staked on Abracadabra, more than $35 million. Lucas Nuzzi, Head of R&D at crypto analytics company CoinMetrics, made a statement about FTX. Alameda Research, linked to FTX CEO Sam Bankman-Fried, went bankrupt in the second quarter, Nuzzi said. However, Nuzzi later claimed that he was kept afloat by FTX.
Nuzzi discussed the possibility that FTX may have secured a large recovery fund for Alameda in the second quarter, in a tweet posted on Nov. He mentioned that this recovery package may have compressed FTX.
Nuzzi shared possible scenarios based on the data he had. According to the first scenario, Alameda went bankrupt in the second quarter along with companies like 3AC, Voyager Digital and Celsius Network (CEL), he said. However, he said that he survived with the debt he received from FTX, using the 172 million FTT that he was guaranteed to receive after about 4 months as collateral. He explained that Alameda’s possession of FTTs and then sending it to an FTX-managed wallet is proof of this.
Did Binance CEO predict the collapse?
According to Nuzzi’s claims, FTX had to make extra efforts to prevent Alameda from collapsing. Because if Alameda went bankrupt, 172 million FTT would be liquidated. As a result, FTX would suffer serious damage. At this point, FTX and Alameda gave their all and tried to save other companies. This raised the image of FTX. He then provided support to keep the value of FTT high. Bank inflows to the market remained below the desired level. As a result of the over 70 percent depreciation in FTT, this rescue package probably caused the FTX balance sheet.
On the other hand, Nuzzi said that Binance may have noticed this situation as well. Nuzzi pointed to the FTT reserves that Binance CEO Changpeng Zhao has already decided to sell. He said he may have used FTX deliberately to get them into a bigger liquidity problem or just to get them cornered. Lucas Nuzzi pointed out that these scenarios are his personal opinion. He also stressed again and again that it lacks certainty.