Technology

Alameda wallets appear to be dumping Altcoins for $BTC

The failed cryptocurrency trading company Alameda Research has been exchanging digital assets based on Ethereum blockchain for Bitcoin (BTC). Solana, Lido and Aptos are dumped the most. Alameda Research’s wallets are “again” active, according to on-chain researcher Miles Deutscher, because disgraced FTX head Sam Bankman-Fried (SBF) is “back home.”

Attempting to “cover their tracks,” Alameda is allegedly sending the money to “new wallets” before sending it to FixedFloat and ChangeNow, two crypto mixers, for instant swaps, according to a thread started by data journalist Martin Lee of the on-chain data source Nansen.

 

Data indicates that four new wallet addresses were used to send the ERC-20 tokens, which are being exchanged for bitcoin. ZachXBT, an on-chain expert, estimates that Alameda transformed fragments of altcoins, which were valued at about $800,000, to about 47.62882 BTC.

The changes occur in light of fresh proof that SBF borrowed $546 million from Alameda to buy Robinhood shares while free on a $250 million bond deal.

As Altcoins are being dumped by Alameda’s accounts, several Twitter users are incensed. SBF would have to “pay the bail,” the disgraced FTX CEO is mocked by an account well with a handle named “magicmurph.”

While Tornado Cash, a well-known virtual currency mixer, was recently prohibited by the U.S. Treasury Department because to its alleged illicit use in North Korea, Alameda is employing cryptocurrency mixers. In addition, the government asserted that North Korean hackers called the Lazarus Group, used the platform to erase the trails of almost $455 million worth of cryptocurrency.

Hackers from North Korea took 800 billion won ($625 million) this year alone or about half of the total amount. Over the aforementioned time frame, it was believed that 100 billion (or $78 million) had been plundered from South Korean organizations.

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