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Cryptocurrency News Articles
Kaiko: Alameda Research-linked wallet consolidates holdings
Sep 25, 2024 at 11:04 am
As crypto data & analytics provider Kaiko reports, a crypto wallet, allegedly linked to FTX's sister company Alameda Research, has been actively
A crypto wallet, allegedly linked to FTX’s sister company Alameda Research, has been consolidating holdings ahead of potential creditor repayments from the bankrupt crypto exchange, according to crypto data & analytics provider Kaiko.
Earlier this year, FTX announced that it had recovered enough tokens to pay most of its creditors back in full, based on the value of their holdings at the time it filed for bankruptcy. The exchange is expected to start repayments after the final approval of its wind-down plan, expected in early October.
Using Kaiko’s wallet data solution, the company investigated the transfers in and out of the wallet (0xf02e86d9e0efd57ad034faf52201b79917fe0713). Over the past month, it has transferred $1.6 million in ETH to crypto custodian BitGo and $220K in World Coin (WLD) to Binance.
Transfers to exchanges are generally viewed as bearish because traders usually move assets there to sell them. Alameda Research was an early investor in Worldcoin, holding 75 million ($118M) WLD tokens. Since July, these tokens have been gradually unlocked by Worldcoin’s developer, Tools for Humanity (TFH).
A closer look at the wallet’s inflows reveals asset consolidation through multiple transfers from various smaller wallets, most likely owned by Alameda Research, with the largest inflow totaling $1.27 million USDT coming from OKX.
As of September 18, Alameda’s wallet still holds $64M in WLD. Selling these could heavily impact prices, which are already down 30% since the July 24 token unlock. Other major holdings include several small, illiquid tokens like FTX’s FTT ($13M) and Bona Network’s BOBA ($9M) tokens, which together have a 1% market depth of only $0.7M daily.
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