[ccpw id="5"]

HomeCryptoAlameda Research Wallet Gets $13M From Bitfinex And Other Sources

Alameda Research Wallet Gets $13M From Bitfinex And Other Sources

-

1/5 – (2 votes)

All the assets transferred to Alameda’s consolidation wallet are allegedly part of bankruptcy recovery efforts. Almost $13 million has been moved into the consolidation wallet of bankrupt crypto trading company Alameda Research within 24 hours, as shown by February 2 data from blockchain security company PeckShield.

The address got $6 million in Tether (USDT) and $2.5 million in Ether (ETH) from the hot wallet of crypto exchange Bitfinex, together with $4.5 million worth of USD Coin (USDC) from anonymous source and 30,000 Lido tokens worth nearly $65,500.

The asset’s transfer is allegedly part of recovery efforts linked to bankruptcy proceedings. One spokesperson for Bitfinex told reporters that Alameda had an account on Bitfinex and that the exchange is now partnering with the liquidators to refund the remaining funds.

Alameda filed for bankruptcy protection on November 11, together with almost 130 other firms controlled by FTX Group. Since then, its consolidation wallet has seen lots of inflows from many addresses, accumulating more than $26 million in ETH and nearly $183 million in other altcoins, including $54 million in BitDAO tokens.

The amount recovered, nonetheless, might be bigger, as liquidators have allegedly suffered over $11.5 million in losses – some of which were preventable – since taking control of Alameda’s trading accounts, based on a report from crypto analytics company Arkham Intelligence.

Liquidators encountered another technical obstacle when trying to recover funds on January 12. Reports emerged that there was a loss of $72,000 worth of digital assets on the Aave decentralized finance (DeFi) lending platform while the liquidators tried to consolidate funds into one multi-signature wallet.

To close a borrow position on Aave, the liquidators eliminated extra collateral, putting the assets at risk of liquidation. Moreover, liquidators are also said to have spent a lot more on gas fees than they earned from moving the funds.

Alameda Research almost collapsed in 2018 before FTX came into play, based on new reports citing former employees. The company’s algorithm was well-designed to make a huge number of automated, fast trades but was inefficient in forecasting price movements.

Like what you’re reading? Subscribe to our top stories

LATEST POSTS

3000+ Attendees Hail Crypto Expo Dubai 2024 as a Resounding Success.

The highly anticipated Crypto Expo Dubai 2024 commenced with remarkable enthusiasm and energy, marking a successful event with more then 3000+ Attendees, 50+ Speaker, 50+...

Memecoin Madness: Eddie Seal Team Insults Investors and Returns Money from Presale

Two weeks ago, the Eddie Seal memecoin project ($EDSE) began raising funds for development through a presale event. On Wednesday, a controversial post appeared on...

M20 Chain: Pioneering the Integration of Blockchain into Everyday Life

In an age where blockchain technology is poised to revolutionize various industries, M20 Chain stands out as a key innovator, seamlessly merging this advanced technology...

WEMADE and WEMIX Win “Best Web3 Gaming” at MENA Games Industry Awards 2024

WEMADE and WEMIX were honored with the prestigious "BEST WEB3 GAMING '' award at the MENA Games Industry Awards 2024. The awards celebrate the best...

Follow us

0FansLike
3,913FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img