Alameda Research’s Ethereum (ETH) addresses are quietly swapping altcoins for Bitcoin (BTC), according to on-chain sleuths.
The pseudonymous on-chain researcher known as Ergo says on Twitter that Alameda addresses are “digging around in the sofa for spare change” and swapping ERC-20 tokens for ETH and the top stablecoin Tether (USDT).
The ETH and USDT are then sent through “instant exchangers,” according to Ergo.
Fellow pseudonymous on-chain sleuth ZachXBT says the funds are then being swapped for Bitcoin.
The funds are being swapped for BTC
bc1q67r2dc46ve66pe2qr9smaz5ktzefehugky5sv6
bc1qk4mnz4qkh9vfcm95z6ww9czhzjsknjr8s457mg
bc1qwx3herf245w6k9ljjfgdsngtvjsp3qs6znp8dd
bc1q7p22k0ly0pmy04ermzu76uyylveehu9cusrcnp pic.twitter.com/ueYLjQOalZ— ZachXBT (@zachxbt) December 28, 2022
Other Twitter users speculated that Alameda’s liquidators were behind the token movement, but ZachXBT says he doesn’t think the liquidators would have used instant exchanges like FixedFloat or ChangeNow.
Last week, Caroline Ellison, the former CEO of Alameda Research, admitted the trading firm made short-term and open-term loans worth billions of dollars to pay for its venture investments.
In a transcript of her guilty plea shared by Inner City Press on Twitter, Ellison says she agreed with others to pay for the loans by borrowing from sister company FTX.
“While I was co-CEO and then CEO, I understood that Alameda had made numerous large illiquid venture investments and had lent money to Mr. Bankman-Fried and other FTX executives.
In and around June 2022, I agreed with others to borrow several billion dollars from FTX to repay those loans.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/andrey_l/Panuwatccn
