Crypto News

Alameda-Connected Wallet Moves $100 Million of Stablecoins to Trading Firms Amidst USDC Depegging

A wallet linked to Alameda Research's liquidators recently sent $100 million worth of stablecoins to crypto trading firms

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

On March 13th, GSR Markets received over $47 million worth of USD Coin (USDC), which suffered a depeg over the weekend due to banking concerns in the United States.

On the other hand, Cumberland received $50.3 million in two transactions. Blockchain analytics firm Arkham Intelligence conducted an on-chain analysis to confirm these transactions.

According to blockchain sleuth Lookonchain, three other wallets previously linked to FTX and Alameda sent $188.58 million to crypto exchanges Coinbase, Kraken, and Binance on Tuesday.

It remains uncertain whether the capital is being consolidated in accordance with bankruptcy proceedings or whether it is being deployed to generate a yield.

The new CEO of FTX, John J. Ray III, who was paid $690,000 for his first few weeks in the role, has been considering several ideas to compensate creditors following FTX and Alameda’s collapse in November.

One of the ideas is to reboot the FTX exchange. “Everything is on the table,” Ray said in an interview with 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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