Alameda-Linked Wallet Sent $100M of Stablecoins to Trading Firms After USDC Depeg

Three other wallets linked to FTX and Alameda sent $188.5 million in stablecoins to crypto exchanges on Tuesday.

AccessTimeIconMar 15, 2023 at 12:18 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC

A wallet linked to the liquidators of the Alameda Research estate sent $100 million in stablecoins to crypto trading firms Cumberland and GSR Markets over the weekend.

Over $47 million worth of USD coin (USDC), which fell victim to a depeg last weekend amid banking concerns in the U.S., was sent to GSR Markets on Monday, with a further $50.3 million sent to Cumberland across two transactions, according to on-chain analysis by Arkham Intelligence.

Three other wallets previously linked to bankrupt crypto exchange FTX and Alameda, a trading firm affiliated with FTX that also filed for Chapter 11 bankruptcy, sent $188.6 million to crypto exchanges Coinbase (COIN), Kraken and Binance on Tuesday, according to blockchain sleuth Lookonchain. It remains unclear whether capital is being consolidated in line with bankruptcy proceedings or if it is being deployed to generate a yield.

New FTX CEO John J. Ray III has been mulling ideas to make creditors whole following FTX's and Alameda's collapse in November. One idea was reboot the FTX exchange.

“Everything is on the table,” Ray told the Wall Street Journal in January. “If there is a path forward on that, then we will not only explore that, we’ll do it.”


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.