Alameda Research, a company linked to the bankrupt cryptocurrency exchange FTX, continues to sell cryptocurrencies. It contains over $112 million worth of tokens.
Alameda Research sold about $1.7 million worth of cryptocurrencies in the past 24 hours as part of the bankruptcy proceedings against Sam Bankman-Freed’s bankrupt empire.
The company, which acted as a cryptocurrency hedge fund, primarily sold Ethereum-based tokens, including curves, ethers, dais, and US dollars. According to Arkham Intelligence, the coins were merged into two wallets and then exchanged for the Tether stablecoin and eventually bitcoin.
Trading has begun
According to Arkham on Twitter, the wallets associated with Alameda Research were not used until Wednesday, with the last prior transaction taking place on December 1st. The company started trading again on Wednesday.
CoinDesk reports that Alameda Research currently owns $112 million worth of crypto, up from $140 million in November.
Former billionaire
Meanwhile, Bankman-Fried is under house arrest in California after being charged with fraud related to the misuse of customer funds in connection with the collapse of FTX.
Bankman-Fried voluntarily extradited to the United States, where he was released from custody. However, a New York court set an astronomical bond of $250 million. The thirty-year-old billionaire agreed to pay this amount.
Investigators are looking into fraud, embezzlement of investors’ funds or money laundering, including with the former billionaire. If all charges are proven, the young billionaire faces up to 115 years in prison.
Source: Wprost
