Bitcoin (BTC) has been swapped for Ethereum-based digital assets by Alameda Research, the bankrupt crypto trading firm.
A number of on-chain analysts have been tracking Alameda Research wallet activity recently, including Miles Deutscher, who claimed to have found fingerprints on the wallet of the disgraced FTX boss Sam Bankman-Fried (SBF).
Alameda Research Trying to “Hide Their Tracks” Crypto Tokens
Martin Lee, a data journalist with Nansen, claims Alameda is switching funds to “fresh wallets” and then to two crypto mixers for instant swaps while “hiding their tracks.”
These tokens are being exchanged for bitcoin and sent to four new wallets. Alameda converted fragments of altcoins worth approximately $800,000 into approximately 47.62882 bitcoins, according to on-chain analyst ZachXBT.
Alameda ETH addresses are digging around in the sofa for spare change and swapping bits ERC20s for ETH/USDT.— 🏴∴Ergo∴🏴 (@ErgoBTC) December 28, 2022
ETH and USDT then funneled through instant exchangers.
Rings some major alarm bells...https://t.co/GRVtChDL9rhttps://t.co/LJBi7cuFZLhttps://t.co/nxcXWgm5VO pic.twitter.com/AqcgxVRoMr
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Some Twitter Users
Interestingly, the movements coincide with recent proof that SBF obtained a $546 million loan from Alameda to buy Robinhood shares while on a $250 million bond deal.
Some Twitter users aren’t happy with Alameda’s altcoin dumps. The dishonored FTX CEO is being trolling by an account under the handle “magicmurph,” who has claimed that SBF would be required to pay bail for his arrest. “.
How did we expect him to pay bail, and make a run for it.— magicmurph (💙,🧡) (@webshuuter) December 28, 2022
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Alameda Is Using Crypto Mixers
Alameda uses cryptocurrency mixers at the same time that, at the end of last month, the U.S. Treasury Department impose a ban on Tornado Cash, a popular virtual currency mixer, citing North Korea’s illegal use of it.
Furthermore, the department claimed that North Korean hackers, the Lazarus Group, had employed this platform in order to wash the tracks of about $455 million worth of cryptocurrencies from the system.
What is Alameda Research?
Alameda Research is a bankrupt crypto trading firm.
What is a crypto mixer?
A crypto mixer is a platform used to wash the tracks of cryptocurrencies.
What is the Lazarus Group?
The Lazarus Group is a North Korean hacking group.