[ad_1] <br><div><h3>Key Takeaways</h3><ul role="list"><li>FTX and Alameda have had shut (on-chain) ties for the reason that very starting.</li><li>FTX created FTX Token (FTT), a token for his or her platform, involving Alameda since day one. The 2 of them shared nearly all of the overall FTT provide which didn't actually enter into circulation.</li><li>The preliminary success of Alameda, FTX, and the meteoric rise of FTT most certainly led to an increase within the worth of Alameda’s stability sheet. This excessive stability sheet worth of the FTT positions was possible used as collateral by Alameda to borrow towards. If the borrowed funds had been used to make illiquid investments, FTT would grow to be a central weak spot for Alameda.</li><li>With the collapse of Terra/UST in Could, a liquidity crunch ensued as many collectors began to name again loans following the 3AC and Celsius crashes. Alameda would have wanted liquidity from a supply that will nonetheless be keen to provide out a mortgage towards their present collateral</li><li>Alameda deposited round ~$3b price of FTT on FTX of which most remained there till the top</li><li>Proof of the particular mortgage from FTX to Alameda will not be immediately seen on-chain, probably because of the inherent nature of CEXs which can have obfuscated clear on-chain traces</li><li>Based mostly on the information, the overall $4b FTT outflows from Alameda to FTX in June and July may probably have been the availability of elements of the collateral that was used to safe the loans (price at the very least $4b) in Could / June that was revealed by a number of folks near Bankman-Fried in a Reuters interview. </li><li>Whereas it was recognized that Alameda and FTX had been each based by SBF & Co., the Coindesk report had uncovered considerations relating to Alameda’s stability sheet. Nearly all of internet fairness in Alameda’s enterprise had consisted of FTX’s personal centrally managed token, FTT</li><li>The back-and-forth battle between the CEOs of Binance and FTX prompted a ripple impact on market members, Binance owned a big FTT place.</li></ul><h3>Introduction</h3><p>It began with <a target="_blank" href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" rel="noopener">CoinDesk</a> reporting that <em>“There are extra FTX tokens amongst its $8 billion of liabilities: $292 million of “locked FTT.” (The liabilities are dominated by $7.4 billion of loans.).” </em>Subsequent, Alameda Analysis’s CEO, Caroline Ellison, provided to purchase up Binance’s FTX Tokens (FTT) at $22 per token. What adopted was undoubtedly considered one of crypto’s craziest occasions – the collapse of FTX and Alameda. </p><p>So how did this occur? Did the de-pegging of TerraUSD, Luna’s failure, and the chapter of 3AC all result in FTX and Alameda’s fall from grace? </p><p>Or was it mismanagement of danger and misuse of shoppers’ funds all alongside? </p><p>Nansen has compiled an in-depth evaluation utilizing on-chain knowledge to piece collectively the fallen dominos of FTX and Alameda. The place potential, we aspire to provide an goal account backed by on-chain proof. Our research doesn't cowl potential off-chain occasions. This analysis leverages Nansen’s labeling heuristics to trace recognized wallets of the concerned entities and confirm their actions on-chain, to make sense of what really occurred through the FTX-Alameda debacle. </p><h3>Methodology</h3><p>To place it merely, our on-chain evaluation makes use of info from a blockchain ledger to find out the collection of occasions and fund balances associated to the autumn of FTX and Alameda. Analysis Analysts look at the transaction knowledge and crypto pockets actions of the concerned entities, two major knowledge sources helpful when making an attempt to piece collectively what had occurred.</p><p>Utilizing a confirmed methodology that we had beforehand used for different on-chain analyses (<a target="_blank" href="https://www.nansen.ai/research/on-chain-forensics-demystifying-terrausd-de-peg" rel="noopener">TerraUSD de-peg</a>, <a target="_blank" href="https://www.nansen.ai/research/on-chain-forensics-demystifying-steth-depeg" rel="noopener">stETH de-peg</a>), we framed our research utilizing a grounded concept method the place a listing of pockets balances and transaction volumes processed by these wallets are on the core of this research. By way of a overview of gray literature resembling social media discussion board threads, media protection, and podcasts, we narrowed the scope of our research to deal with transactional knowledge within the following timeframes:</p><ul role="list"><li><strong>Till Could 2019:</strong> Early on-chain Alameda involvement in FTX</li><li><strong>August 2019 - January 2020:</strong> FTT as FTX-Alameda’s love baby</li><li><strong>Could 2022 - July 2022:</strong> Learning Alameda’s response to the UST collapse and its fallout, in addition to a possible mortgage given by FTX with FTT as collateral</li><li><strong>September 2022 - Now:</strong> Current occasions and fall of FTX and Alameda</li></ul><p>We additionally paid shut consideration to a set of pockets addresses which we've got recognized as both FTX’s or Alameda’s, you possibly can see the record of addresses and labels within the Appendix Part. </p><p>The report is formatted in three distinct sections. Half 1 acts as a prologue, offering the context to navigate the connection between FTX, Alameda, and their interactions with the FTX Token (FTT). Half 2 particulars the interplay and entanglement between FTX and Alameda by a number of the important occasions within the current market cycle. Lastly, Half 3 zooms in on the on-chain knowledge, primarily between 2 November and 9 November. We try to triangulate common (on-line) narratives with the variable on-chain footprints to make sense of FTX’s and Alameda’s positions and holdings throughout this era. </p><h3>Unique Sin?</h3><p>It's no secret that Alameda and FTX had been each based by SBF, and had ongoing partnerships. Nonetheless, it's rumored that <strong><em>FTX was solely actually began to lift funds for Alameda and the 2 colluded from the very starting.</em></strong></p><p>We leveraged on-chain proof to attract potential interpretations.</p><h4>Could 2019: Early on-chain Alameda involvement in FTX</h4><p>It's no secret that Alameda was considered one of, if not the earliest, liquidity suppliers on FTX. Nonetheless, this poses a query of how concerned the 2 entities had been. <strong></strong></p><p><strong>What was noticed:</strong></p><p><strong></strong>Alameda’s pockets interacted with FTX earlier than it had even launched in Could 2019; aside from different CEX addresses, it was the one clearly identifiable counterparty. </p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1101pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63764491f7db421f4254356d_vBxaFherPpa8tJQxhl-8BKfbnMGHLfyZx8acbutQkhkprQXD5Q0P_tpFmtQh8cbTXjM4dMEST1qnWMlNY3zev8a4nHK-s4aeGzaYflwypKchH59vHo5AkKbmBZ9CQG36LSkCvng6FXnctrtVhL-fGE5Na_ttM12LTnqJdBA0VjIb7UJj2lPcYFQ2aAQZqA.png" alt=""/></div></figure><p><strong>What it may imply:<br/></strong>Though comparatively low in quantity (~$160k), this strongly means that both Alameda was closely concerned in FTX’s inception or there was no clear separation between Alameda and FTX then - and maybe, even each.</p><h4>July 2019 - Jan 2021: Launch of FTT and early distribution</h4><p>FTT is a utility token for the FTX platform, it doesn't entitle customers to part of the platform income or characterize a share in FTX. It isn't backed nor does it give management over governance choices or FTX’s treasury.</p><h5><strong><em>Given the ties between Alameda and FTX, it comes as no shock that Alameda was in FTT’s seed spherical, however had been they extra than simply common traders?</em></strong></h5><h4>The FTT itemizing</h4><p><strong>What we noticed:</strong></p><p>Two days earlier than the official itemizing on FTX on 29 July 2019, Alameda obtained 5m FTT in three transactions immediately from the FTX Deployer (who minted the FTT) to their FTX account. Moreover, 20m FTT had been deposited by the FTX Deployer to an FTX-related FTX deposit pockets on the day of the itemizing. These had been the whole thing of FTT in circulation on the time.</p><p>Roughly per week after the itemizing, 5m FTT was despatched again to the FTX Deployer on 5 August 2019. <br/></p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/6376449161d8959bf58d72a4_eYmUMhb6-Pj6cVJbI--p3ZHNUpG-OtzCEYQYWo0zzUtDotnUGJn8aZfE0ioKT8mMlIXJb1oGIqCSMnn9XZqPXSS7Z1K7hqwSS5hOvI9Ycm_hIdC8xSLLzzrG-Emfzfkekgqmj6SEYleO6ygQE2dhY-19DEUVuPaZZ5oQojP1xrBOgZd5pd3nmIGUmS4Wpg.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x772589e99bc9c54dd40acb7d73f88ccbc9d9cf47" rel="noopener"><em>Nansen</em></a><em>, Pockets: FTX Deployer</em></figcaption></figure><p><strong>What it may imply:</strong></p><p>The 5m FTT returned to the FTX Deployer are prone to be the identical ones deposited into the Alameda FTX account. </p><ul role="list"><li>The quantities matched completely</li><li>Extremely unlikely that every other get together besides FTX itself had this many tokens on the time (25% of the circulating provide)</li><li>As a seed investor, Alameda technically mustn't have totally transferable tokens on the time within the first place</li></ul><p>An optimistic interpretation can be that Alameda was concerned within the market-making of FTT tokens. This concept, nevertheless, doesn't clarify why the funds had been despatched again solely after a couple of days.</p><p>A pessimistic interpretation can be that Alameda profited off the ICO members by promoting the tokens earlier than different traders’ tokens had been unlocked and shopping for them again cheaper in a while to return to FTX.</p><h4>Following the FTT ICO path</h4><p><strong>What we noticed: <br/></strong></p><p>Utilizing the official token distribution from the <a target="_blank" href="https://help.ftx.com/hc/en-us/articles/360029638552-FTT-Transparency-Page" rel="noopener">FTX docs</a> and evaluating it to on-chain actions ranging from the primary token actions after minting in late July 2019 till December 2020, a probable state of affairs might be devised for the early distribution of FTT:</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:2209pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63766e3cad81f6474eeb09fe_BP%20-%20Intext%20-%20Full%207.png" loading="lazy" alt=""/></div></figure><p>Observing the above parameters, we famous some key observations: </p><ul role="list"><li>Out of the 350m complete provide of FTT, 280m of it was managed by FTX (~80%).</li><li>Out of the 59.3m tokens for seed and personal rounds, presumably within the 3-month vesting contract, round 27m (or roughly 46%) ended up on Alameda’s FTX deposit pockets (see <a target="_blank" href="https://docs.google.com/document/d/1UqjGHdcjZWtAj5uM2R21EDA4MYDTy7TUR4D1aUou70I/edit?mode=html#heading=h.w06gcavzl7u5" rel="noopener">Appendix</a> for particulars), which is a substantial focus.</li><li>All the firm tokens (FTT), in addition to most unsold non-company tokens, had been deposited right into a 3-year vesting contract, with an <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0xd769010d3813bafaf4addbfe258eafd07828bb83" rel="noopener">Alameda address as the sole beneficiary</a>.</li><li>10.7m FTT are unaccounted for, and 10m FTT stay untouched at <a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x4aa86e85cc1f4387925ebb40e18876573e6caeec" rel="noopener">address 0x4aa</a>. </li></ul><p><strong>What it may imply:</strong><br/>Our observations raised additional questions: <em>Why was there a necessity for FTX to have such a concentrated provide of tokens?</em> <em>Why would they select a pockets (Alameda’s) because the beneficiary for the FTT firm tokens, that isn't immediately managed by FTX themselves? </em></p><p>There was, nevertheless, a limitation in the usage of on-chain knowledge to floor solutions to those questions. Due to this fact, we targeted on what might be answered by on-chain knowledge as an alternative.</p><p>Early transaction exercise of FTT steered that: </p><div class="w-embed"><ul> <li>Alameda was concerned in FTT from day one, and may need even had a major position in its growth</li> <li>Nearly all the overall FTT token provide has to undergo Alameda’s palms sooner or later, resulting from an Alameda handle being the only and unchangeable beneficiary of the corporate’s token-vesting contract - this doesn't imply that Alameda essentially “owns” the tokens (255m thereof are possible the FTX firm tokens) however nonetheless is peculiar</li> <li>Alameda might have obtained preferential remedy from FTX</li> <li>Alameda and FTX owned the overwhelming majority of the overall FTT provide from the very starting, which means:</li> <ul> <li>The precise circulating provide (and liquidity depth) is low when in comparison with the overall provide (i.e. low float)</li> <li>Costs might be simply influenced to maneuver up (or down) with comparatively small quantities when in comparison with the ensuing enhance (or lower) in valuation </li> <li>Since each Alameda and FTX held nearly all of FTT provide, if one entity is pressured to promote its FTT holdings, then the opposite entity might consequently take an enormous hit to its stability sheet</li> </ul> </ul></div><h3>The Good, The Unhealthy, The Bailout</h3><h4>Jan 2021 - December 2021: Shared success within the bull market</h4><p>Quick ahead to the bull market of 2021, the FTT token noticed a meteoric rise, roughly 800x from the seed value of $0.10 to $84 at ATH in summer time 2021.</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1390pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63764b11b50c95d7ecc8bc25_wO7XhlfcpqcBRyNk0fEH5Ql1XjlEIop1ZhHhC8fFneM6VmvVOXa7g6HesMTDsPSZbXT5qm6BJsEN5zkyaIhH5_jVpuvJnm3ATnrL8yNB_0YlAqzreT1ZNh_JM5cHSIPSlgkKfJMjz4IbnzzzuGjBjF21lVvmMwHxcpEOujOXMQxnJNNdz5H13VgDInV0vg.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://www.coingecko.com/en/coins/ftx-token" rel="noopener"><em>CoinGecko</em></a></figcaption></figure><p>The rise within the value of FTT noticed the totally diluted valuation of FTT reached virtually $30b on the all-time highs - most of which had been owned by Alameda and FTX. </p><p>Regardless that the tokens are technically liquid, these portions would have been unimaginable to liquidate for Alameda within the open market. Alameda promoting may trigger vast downward swings in value, and in flip devalue their very own remaining positions in addition to these of the opposite holders, with FTX being by far the most important. This was a gordian knot for Alameda’s FTT holdings and created an extra co-dependency between Alameda and FTX.</p><p>With Alameda not having the ability to promote its FTT holdings in massive portions, and FTT not producing sufficient liquid income, the potential choices for them to acquire liquidity utilizing FTT had been:</p><ol role="list"><li><strong>OTC: </strong>Promoting FTT outdoors the market with out impacting the value both through the use of FTT to make investments (e.g. in enterprise offers or by way of an incubator) or promote FTT OTC (e.g. by way of a market-maker like Genesis).</li><li><strong>LP: </strong>Incomes by offering liquidity for FTT markets or derivatives<strong> </strong>(e.g. on FTX).</li><li><strong>Borrow: </strong>Utilizing FTT as collateral to borrow towards it<strong> </strong>(e.g. on FTX or Genesis).</li></ol><p>Observe that most of the methods to entry liquidity utilizing FTT had been already applied by FTX from the beginning, with FTX customers because the counterparty. </p><p>Whereas OTC promoting and liquidity provision are comparatively much less dangerous, borrowing towards FTT is taken into account dangerous as a liquidation occasion would have a big damaging influence on each FTX and Alameda.</p><h5>So the query stays, <strong><em>did Alameda use the unrealizable ebook worth of their FTT to borrow funds?</em></strong></h5><p><strong>What we noticed:</strong></p><p>There have been massive FTT transactions between FTX, Alameda, and Genesis Buying and selling:</p><p>In September 2021, there have been common inflows and outflows from FTX and Alameda into Genesis Buying and selling. First, we noticed a rise in sizable deposits from FTX to Genesis, adopted by a major switch of FTT tokens from Genesis to Alameda’s FTX handle. </p><p>It might be potential that FTX despatched FTT to Genesis with the intention for the FTT for use as collateral for a mortgage to Alameda. Nonetheless, if this assumption was true then why did Genesis ship Alameda the 20m FTT ($1.6b) as an alternative of different, extra liquid tokens? Such an prevalence contradicts the logic that FTT was meant as collateral resulting from its low liquidity.<br/></p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63764b12235a732802b16f66_ozWDChIo6bbbR7byJX4gtB3WuL2S1f3Akmki7k18w6BL_pqcaQqLmPtGyj1k8-4c1DM-Gx_Q2agUcjtBq86PdUDKXvgpGZhTAYKLV6tvBuJKaBXHsVwRz1pAQIfE7qg3oBEMOQt5Row9ZuUrjcGoPtvsR5RAb2stLi8y4LTG4LrxTMOubmcV32WV4uNCIQ.png" alt=""/></div></figure><p>Then, in December 2021, Alameda despatched a big FTT deposit to Genesis Buying and selling pockets, totaling roughly 38m FTT or $1.7b on the time:</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63764b12ff670320a3e566ef_SM7ATHBhJzz1IHNqJxZhlnMHrggtPMxJd5iWDoT6eTbMacStjo2hc2uHklh105EzcjqVFWqvHSxAa8lgsonmQ8eGo6YzIiAUwOhK3DhVAHQneQEMmjibWyWw28z8Nkj4YTp-sA6yHri3VB9Zl9DpVVmxRmL3Lq2LFCP4mxrhXMWbqfVLT0Qaq3dZQCga8g.png" alt=""/></div></figure><p><strong>What this might imply:</strong></p><p>Alameda may have both tried to promote some FTT OTC to Genesis, or tried to make use of the transferred FTT as collateral for a mortgage from Genesis. Nonetheless, as Genesis is a centralized platform, we're unable to find out this primarily utilizing our on-chain knowledge sources. </p><p>Moreover, particular outflows from centralized platforms resembling Genesis are onerous to hint on-chain, therefore, it's difficult to pinpoint precisely how a lot Alameda had doubtlessly borrowed. </p><p>Alameda was additionally noticed to be utilizing FTT as collateral to borrow funds on DeFi platforms resembling Abracadabra Cash (MIM), although probably on a a lot smaller scale in comparison with their interactions with CeFi lenders resembling Genesis. <br/></p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63764d4d203329396db8584e_t2SRkKAw207LaObDMFUW-5g1lO3FWtTjtsExa3d4N0uLykUQG_ctdZAqGbuz4gmmptKNaIGqN-L3O9SjD4SFtF2Z-sGqrvRmf1GGeuEWFA6oxGybQRYZWPAEMFRvnYkOOsc4zo-u8k-gB9GxKs5ujJPqEhlPnlXmrgRtkfA3Fob_A8eCICSJiOzP5BiSYQ.png" alt=""/></div><figcaption><a target="_blank" href="https://pro.nansen.ai/wallet-pair-profiler?address_a=0xbefe4f86f189c1c817446b71eb6ac90e3cb68e60&address_b=0xf5bce5077908a1b7370b9ae04adc565ebd643966" rel="noopener"><em>Source: Nansen</em></a></figcaption></figure><p>The on-chain knowledge for FTT to date hints on the following technique:</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1540pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637628b1a06a3cfe1b632687_HFM2ZLsnkEkh2YjK-fW1R-fLwVYJ-9WjQ2cDwFU618SCp0N-8nlkt_ViBMbHnMc0loJQNjBtxpvkdSEwcJqzJ0eKDsdrCQn0SKOQ3HhdQuiT9cJvaTI4xngfSn2WQA8_pPU3a0hQwdAHLL5R4iT0SFiTb8qt6VsycI_0OWN2ehPBNyHztVwQlotLpxfcSw.png" alt=""/></div></figure><p>Nonetheless, by using this technique - taking out loans with FTT as collateral and utilizing the mortgage to make additional investments - would have put them successfully in a leveraged lengthy place. </p><p>FTT would have been a central weak spot for Alameda and FTX, with value drops posing a really actual risk. The somewhat skinny liquidity in comparison with complete provide would have made massive market gross sales very harmful (e.g. by liquidation of Alameda’s borrowing positions, the chapter of firms that personal a whole lot of FTT, or “dumping” by different massive holders like Binance). </p><h4>Could 2022 - June 2022: Potential disaster</h4><p>While this technique might have labored properly within the bull market of 2021, it could have turned bitter when markets began to go towards their favor, particularly through the Could/June 2022 crash: </p><ol role="list"><li><strong>OTC:</strong> Demand to purchase OTC decreases</li><li><strong>LP:</strong> Quantity, charges and particularly buy-side demand for FTT dry up</li><li><strong>Borrow: </strong>With FTT costs falling, FTT collateralized loans grow to be riskier. Moreover borrowing liquidity is drying up, borrowing charges enhance (& margin calls), and collectors recall their loans resulting from normal market situations worsening.</li></ol><p>Provided that important parts of Alameda’s stability sheet had consisted of illiquid belongings, Alameda might have confronted critical liquidity challenges through the Could/June 2022 interval. </p><p>With the UST de-peg and the way the scenario had unfolded, many entities had been adversely impacted then. For full protection of how the UST de-peg unfolded and the entities concerned, our group had lined the scenario in-depth <a target="_blank" href="https://www.nansen.ai/research/on-chain-forensics-demystifying-terrausd-de-peg" rel="noopener">here</a>.</p><p>The following contagion took down 3AC and Celsius in mid-June 2022 which we had lined on this <a target="_blank" href="https://www.nansen.ai/research/on-chain-forensics-demystifying-steth-depeg" rel="noopener">report</a>; each had been debtors to Genesis (who might doubtlessly have had publicity to Alameda based mostly on their on-chain interactions involving the FTT token). </p><h5><strong><em>So did Alameda face a liquidity crunch in June, following the 3AC and Celsius collapse? Was there a rise in FTT token exercise by Alameda and its counterparts?</em></strong></h5><p><strong>What we noticed:</strong></p><p>Breaking down the chain of occasions, it is a quick run-down of what we had noticed on-chain: </p><p><em>Between June 9-23, Alameda obtained a big influx of FTT from 5 numerous entities: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0xf1556137e7f45817e774096c5922f32c68ab15ae" rel="noopener"><em>Fund:0xf155</em></a><em>, </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0x6748f50f686bfbca6fe8ad62b22228b87f31ff2b" rel="noopener"><em>Huobi</em></a><em>, </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0x0548f59fee79f8832c299e01dca5c76f034f558e" rel="noopener"><em>Genesis Trading OTC</em></a><em>, </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler/counterparties?address=0x44b68b196148e426402b3e9ab3be974176ad32c0" rel="noopener"><em>High Balance</em></a><em>, and </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0x1253e96916e007cc6d7837eef5418a4aaba651df" rel="noopener"><em>Found on Avalanche</em></a><em>. </em></p><p><strong>June 9</strong></p><p>Excessive Stability <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?address=0x44b68b196148e426402b3e9ab3be974176ad32c0&token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9" rel="noopener">received</a> 2.7m FTT ($78m) from Celsius: Pockets, which was despatched to Alameda FTX deposit. </p><p><strong>June 10</strong></p><p>Excessive Stability <a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x44b68b196148e426402b3e9ab3be974176ad32c0?tab=transactions&chain=ETHEREUM" rel="noopener">received</a> one other 1.6m FTT ($45.6m) from Celsius: Pockets, which was additionally despatched to Alameda’s FTX deposit. The spike of FTT influx to Excessive Stability pockets was evident on each June 9 and June 10 (as seen within the screenshot under). </p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63764edcc7c56bdaf18bf676_EsMBuT9Wdz2ArNxZunPzKh23Sc8hfIvVmbL-_dveBBayq_8sEtR5pqL6DITJf1PR4PdNLj0Y_erFAN9PM9UkzfqfoZZl3WnbtsR_f2ypAAuznFvQaim953cuPx9xVdwdCfJsa8MhjrrNyscGgafJyhzDDTF_hw10uTyo8CVdstk2x_cfP86KmhGNmDMA8A.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?address=0x44b68b196148e426402b3e9ab3be974176ad32c0&token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9" rel="noopener"><em>Wallet Profiler for Token - High Balance (FTT) </em></a></figcaption></figure><p><strong>June 13</strong></p><p><strong></strong>Excessive Stability <a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x44b68b196148e426402b3e9ab3be974176ad32c0?tab=transactions&chain=ETHEREUM" rel="noopener">received</a> one other 600k FTT ($14.6m) which was despatched to Alameda FTX deposit. </p><p><strong>June 14</strong></p><p><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0xf1556137e7f45817e774096c5922f32c68ab15ae?tab=transactions&chain=ETHEREUM" rel="noopener">Fund:0xf155</a> usually receives their FTT tokens from FTX and BlockFi which is distributed out to Alameda’s pockets, together with <a target="_blank" href="https://etherscan.io/tx/0xf3dbfb9f49cb244ad88514107529bb9f5af33f3a79e52ed4a0eaffef84d6669a" rel="noopener">27.5m ($631m) FTT from FTX</a> which was then instantly despatched again to FTX.</p><p>Genesis Buying and selling: OTC desk <a target="_blank" href="https://etherscan.io/tx/0xbe3bf093d52ffc811936dd2858e85c7f82207a7efd1aea6b517efe5fc6412b03" rel="noopener">sent</a> 3.7m FTT ($89m) to Alameda FTX deposit. </p><p><strong>June 15</strong></p><p>Huobi <a target="_blank" href="https://etherscan.io/token/0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9?a=0x6748f50f686bfbca6fe8ad62b22228b87f31ff2b" rel="noopener">sent</a> a complete of 788k FTT ($18.9m) to Alameda FTX deposit. </p><p><strong>June 16</strong></p><p>Fund: 0xf155 <a target="_blank" href="https://etherscan.io/tx/0x3533f5196233be641e4df5d49fc50000b42c632711a1339cd20ebc25cb42264a" rel="noopener">received</a> 14m FTT ($326m) and it was despatched on to Alameda FTX deposit. </p><p><strong>June 17</strong></p><p>Alameda FTX deposit <a target="_blank" href="https://etherscan.io/tx/0x6f09f6a7588be24846dfd376e0a6a96722df00e94e025bbae83beb9527bd5413" rel="noopener">received 6.2m FTT ($151m)</a> from Genesis Buying and selling: OTC desk and 18m FTT ($450m) from Fund: 0xf155, which they'd <a target="_blank" href="https://etherscan.io/tx/0xa35fe79e9f5636925c582e5004ec8ef6ce20a8c3419d7243780b2876e59e64bf" rel="noopener">received</a> earlier that day.<br/></p><p><strong>June 18</strong></p><p>Fund: 0xf155 <a target="_blank" href="https://etherscan.io/tx/0xf3dbfb9f49cb244ad88514107529bb9f5af33f3a79e52ed4a0eaffef84d6669a" rel="noopener">sent</a> 27m FTT ($631m) to Alameda FTX deposit. </p><p><strong>June 20</strong></p><p>Genesis Buying and selling: OTC desk <a target="_blank" href="https://etherscan.io/tx/0x6922258566083c72e7d4f771351e6f4a7e5caae6c098e6592457ad7d013f2bc0" rel="noopener">sent</a> a complete of 13.6m FTT ($364m) to Alameda FTX deposit. </p><p><strong>June 21</strong></p><p>Discovered on Avalanche <a target="_blank" href="https://etherscan.io/tx/0x79b0134c17d79036fc93c1570d64cc42c4527ca2354f379bef6c748e9c650719" rel="noopener">sent</a> 2.3m FTT ($63m) to Alameda FTX deposit. </p><p><strong>June 22</strong></p><p>Alameda FTX deposit obtained 408k FTT ($11m) from Excessive Stability and <a target="_blank" href="https://etherscan.io/tx/0xec2e40ba506e2ca103bd2a59cc68a141a3ca0e7c74b75ec1a1e6d263b359368a" rel="noopener">249k FTT ($6m)</a> from Discovered on Avalanche.</p><p><strong>June 23</strong></p><p>Genesis Buying and selling: OTC desk <a target="_blank" href="https://etherscan.io/tx/0x678dd741b701dc016a9512ef4213cd8527c0adf30d8a02c0bcdeb5e391b895cc" rel="noopener">sent</a> 14.5m FTT ($381m) to Alameda FTX deposit.</p><p><strong>June 29</strong></p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63764facac97200e281d5666_1lfjtiuKxF9t69dOcHk5hnIU1RIoNTeVyvVFHjHAHvB38lTNOTMSpAMqNj9LPEIKdiLrSaMxi9Lu6gK_vyCRx52sv2Xcj4N3U9X_MPlfTBcjSnXQl4Cnsubn46_qTPmU6EBiy3YpHrRhUce9jEXVW8IPLzhhPZOjrmCRqweQuUVCVuZiLSL06SoO8y4JyA.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-pair-profiler?address_a=0x6748f50f686bfbca6fe8ad62b22228b87f31ff2b&address_b=0x83a127952d266a6ea306c40ac62a4a70668fe3bd" rel="noopener"><em>Nansen</em></a></figcaption></figure><p>Huobi sends the most important variety of FTT to Alameda FTX deposits for the reason that Terra / UST disaster. A complete of 18.4m FTT ($47.2m) was transferred.</p><p><strong>June 14 - July 1</strong></p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637650f0ca820d150fdd7f2d_PFz4wNTpmdzo9oJXv-onGu8M_wKWQQYHH3YDHiRHnp4l9Pa18jJl8WqYurl2qzjdniOltjJkoxK-uDNvqUqX24o6WRb0kXqQJxqLwWgSxVfZXzFtK5y7SrFafHdrrkAraITaePWkfsopIG2oYRPAnyiBTh04DOBfrfWsqn208UP_yz3G0qh1YVYApID7rg.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-pair-profiler?address_a=0x0548f59fee79f8832c299e01dca5c76f034f558e&address_b=0x83a127952d266a6ea306c40ac62a4a70668fe3bd" rel="noopener"><em>Nansen</em></a><em> </em></figcaption></figure><p>Between June 14 and July 1, Genesis despatched a complete of 56.6m FTT ($1.4b) to Alameda’s FTX Deposit. The numerous on-chain switch volumes might counsel that Genesis was doubtlessly a key lender to Alameda.</p><h4>June 2022: Saving Alameda by an FTT-backed mortgage?</h4><p>Certainly, if Alameda had liquidity points, they might have been in a really tight spot with restricted choices for orderly liquidating its belongings to fulfill capital necessities. </p><p>With lenders usually being cautious after the 3AC disaster, borrowing immediately from FTX might have appeared like the one simple lifeline to keep away from chapter:</p><div class="w-embed"><ul> <li>Alameda and FTX have a really shut relationship and probably blurred traces between the organizational construction</li> <li>FTX has vested curiosity in Alameda surviving</li> <ul> <li>Alameda as a big market-maker on its platform</li> <li>Chapter of Alameda would have meant the eventual liquidation of FTT and different token holdings, spelling the de-facto demise of FTX’s FTT holdings (~$20b at peak)</li> <li>FTX had entry to massive reserves of liquid belongings (i.e. person funds)</li> </ul> </ul></div><p>In keeping with the newest report by New York Instances on How Sam Bankman-Fried’s Crypto Empire collapsed, Alameda’s CEO confirmed that “<em>over the current months, Alameda had taken out loans and used the cash to make VC investments, amongst different expenditures</em>.” Alameda CEO additionally confirmed that “<em>across the time the crypto markets crashed this spring, lenders moved to recall these loans however the funds that Alameda spent was not simply accessible</em>.” Because of this, Alameda resorted to FTX’s buyer funds to make the funds. </p><p><strong><em>Did Alameda actually obtain an FTT-backed mortgage from FTX?</em></strong></p><p>We checked out FTT deposits from Alameda onto FTX which may have been posted as collateral, in addition to non-FTT outflows from FTX to Alameda.</p><h4>Posting FTT as collateral</h4><p><strong>What we noticed:</strong></p><p>There have been huge internet FTT inflows from Alameda to FTX throughout mid-June, coinciding with the 3AC collapse, totaling 163m FTT, price round $4b on the time.</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1380pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/6376523e76c3462e28926f3c_EQ-HLLm_dTg5w62kPJhJat4kAuiyVdNJODqmmznNfeyeCfsWYPTtaJbLWuMAuPEfIWIP0SPG0JmQ_NOsvAHF1wvtfHJl-nILl7zo50cVEEpLVCkxVp5yi1BelkJ6Cnpcra20mlJ1AG5vrkQ6GlNWzpqs0IhJklTeyEV7mdIVlC0MSw51DO4evc4dRemacA.png" alt=""/></div><figcaption><em>Supply: Nansen Question</em></figcaption></figure><p>It's troublesome to accurately attribute outflows from centralized platforms into entities on-chain, and a few of these funds may need circled again to Alameda immediately or by way of a 3rd get together and again to FTX once more. Due to this fact, the web values displayed within the chart might possible be greater than the precise internet influx.</p><p>A have a look at FTX’s person fund pockets reveals, nevertheless, that the stability on FTX rose from 14m FTT to 54m FTT, a rise of 40m FTT, ~$1.2b from mid-June to mid-July, most of which might be attributed to Alameda.</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/6376523eff67037495e5d112_nOOZMpbfR-lREV7ZWlbfyE0R6U08BJvkpbTpVeeMs3-Lcp8-kTRGsKNbVQaltZk4BdFuKpHyCwI1w2mAHiqlLZi1Lr2LG7nemQLjCnLZLVro6PtbeXI_lwFeAM80W4dPstAKbN0mfsBtfbSCRd-oXnUGBRwlCPS8BGBlwEC69bIt50KBHq4fjQ_g48Zztg.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?address=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2&token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9" rel="noopener"><em>Nansen</em></a></figcaption></figure><p><strong>What this might imply:</strong></p><p>Alameda deposited as a lot as ~$4b (based mostly on mapped internet inflows) price of FTT tokens on FTX between early June and July, with the height being through the 3AC collapse within the week of 12 June 2022.</p><p>That is consistent with the interview from <a target="_blank" href="https://www.reuters.com/technology/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/" rel="noopener">Reuters</a> with a number of folks near Bankman-Fried, revealing a $4b mortgage from FTX to Alameda backed by FTT tokens, Robinhood shares, and different belongings.</p><h4>Loans from FTX</h4><p>The query of whether or not FTX offered funds to Alameda, can't be conclusively answered by on-chain knowledge alone.</p><p>FTX may have despatched the funds to any recipient, together with the creditor immediately, in any token, on (virtually) any chain in addition to offered the funds fully off-chain. </p><p>Moreover, taking a look at pockets stability adjustments is inconclusive as properly. </p><p>As for the FTX pockets balances, many withdrew funds from the trade throughout these turbulent occasions, resulting in excessive fluctuations within the complete stability. Moreover, it's unclear what the precise stability of funds <em>ought to</em> have been, so figuring out a possible delta can be not an possibility.</p><p>What might be seen had been numerous token flows between FTX and Alameda with values starting from tens of hundreds to tens of tens of millions in USD worth. Whereas we did observe a couple of unusually massive transactions with transaction values within the a whole lot of tens of millions in USD worth, we didn't have ample proof to triangulate and deem these transactions to be “suspicious” or to totally again the idea.</p><p>Nonetheless, it stays a thriller as to what was the aim of those following massive transactions.</p><ol role="list"><li>On 12 Could 2022, FTX transferred 90k ETH ($211m) + 6.8m FTT ($224.7m) to Alameda: 0x780 and transferred them to Genesis. The 6.8m FTT was obtained from the Excessive Stability <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?address=0x44b68b196148e426402b3e9ab3be974176ad32c0&token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9" rel="noopener">wallet</a>, funded by Celsius. </li></ol><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637655fbb50c9533bec98d50_6aDoZkNIf43h22bAqXNwz5Jyd5buuqiBxopmsSJ8Byv5vXX3ogZj3l01LUhOZgWe0YEO7_5ec2JiB13POcNxeT4-ZpVRtNOo-0zIHd2Joi5BZJIYLVslmIEY43VDa4-AYBwuIqM9rmQThXZQyaKEkC84OnW9RXbQCKlLJ4a_aWTieLsyXbqHByKZ950dTA.png" alt=""/></div></figure><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637655fb104b37e9e8019de5_swkOt1hKVUv3oJa8hk-63A1QufabgMB3krkPSoBTZq2qp0VyCoDHyCIoAclrgUYH5hMZjdmc_E9Lzj09BV_dJ-bFKUjgiPbVwWjegKSxwpOIXVaacmrdfl94mkmuKU_ZzNL_c3m32ID2bxFQjSRmj_3d0EiNyFpcIVriAjWeznGPEP4OZHXh0qQthqUzrg.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x7801597900be824cc26ae107b652418c2a331a9d?tab=transactions" rel="noopener"><em>Nansen Portfolio</em></a> </figcaption></figure><ol start="2" role="list"><li>On 12 Could 2022, FTX despatched one other 155,443 ETH ($323.4m) to Alameda 0x780 which was finally transferred to Genesis as soon as extra.</li></ol><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637655fba46045e582e451d4_GQJ04D4IKy1mJi6UN4uCslYSmQImeC2OOcOWdS1i9DznYfWg_xjfpxzRIBuhvHECCvHZxiUU-CXuX6Oe2KTXtIAEKTEMItJfL5_DyBgHGKirHCnmXj51xn0Ugxx44Z9sLlFo8TxLBA9sArZvFJIvyZ2RW86QM0H9o3X0JAUm0TD1xXLVznTcLiCIkoxvRg.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x7801597900be824cc26ae107b652418c2a331a9d?tab=transactions" rel="noopener"><em>Nansen Portfolio</em></a></figcaption></figure><ol start="3" role="list"><li>On 26 Could 2022, FTX despatched 3.5m FTT ($103m) to Alameda Analysis: 0x780, which was finally transferred to Genesis as soon as extra. </li></ol><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637655fb4238ca2c4e881193_WFBcPigGeriDFP6KVsAbjdYfQi_0rRpMSvvilvLiPhmC7QpMcXwMvfhlzi0pMSyyIV2fKCvIUcPvhfk6f4t5GB9ql3VOKwJ9RX_l1rP0AotFKKu26iQ2_BMTPGzpvwrrS2DKGOZe-R_h_vD0yOzTg4BydV5wgnbI9mM5_KKGK3XUg8X0h8dPTQp7T29V3A.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2" rel="noopener"><em>Nansen</em></a> </figcaption></figure><h3>To Fall, Falter, and Fail: SBF’s Crypto Empire Collapses</h3><p>We summarized the occasions that prompted the “death-spiral” of each FTX and Alameda: </p><p><strong>Sept 28</strong></p><p>Alameda obtained 174m FTT ($4.1b) from the FTT ICO Contract and despatched it to the FTX Deployer. This might both have been associated to the “FTX mortgage in Could / June” or FTX having to say FTT tokens by Alameda’s pockets because of the inter-linked relationship between FTX and Alameda. All withdrawals from the FTT firm tokens vesting contract need to undergo this Alameda pockets as it's declared the one beneficiary from the beginning (see <a target="_blank" href="https://docs.google.com/document/d/1UqjGHdcjZWtAj5uM2R21EDA4MYDTy7TUR4D1aUou70I/edit?mode=html#heading=h.w06gcavzl7u5" rel="noopener">Appendix</a>). Nonetheless, them withdrawing the entire remaining tokens and sending them to FTX Deployer leaves a bitter style in mild of the <a target="_blank" href="https://www.reuters.com/technology/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/" rel="noopener">loan agreement</a>.</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637655fb97be9f986ee829a7_hzSjh5cE2RRtl0pxXFyQjDwzcQXMQo9105--Z-M5XaeQIKbeGun4evDyXPLGJS8F-4DW1ZdL_GlbmcIZUi63aEdvxaHQqoOuYFcSGtjyGCTKqSEwEG9cej-F8Y3tmehV8Fl_VTfGHHiawZWV5rrbG6KF-phEQawaf2-ahTan05LhUUWAzeh5kWOPhwfiEQ.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?address=0x97137466bc8018531795217f0ecc4ba24dcba5c1&token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9" rel="noopener"><em>Nansen</em></a> </figcaption></figure><p><strong>Oct 31- 1 Nov</strong></p><p>An uncommon record of steady stablecoin transfers from FTX Worldwide and FTX US to Alameda’s Circle, Binance and FTX pockets was noticed. These stablecoins included USDC, BUSD, TUSD,PAX,TUSD and amounted to a complete of $388m USD.</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1454pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637625fd45b57f69121188c8_qzKf7p3wLztIdom18ToVGTlmpLeEk9o7enLeo1OgG5O4GLUeAxMutNG2RMu6ID7m6bbKUqhmMsGa-lgXCEZqCAVDlg2Upt-MKh0iKCQpOnKxbpuM9cjzEoCfVJ3X_NcPrGRY5DHtRfrq81k0vK-CCToNljwcsgK58YZWTaRkEd1mPzpNTiZEHGIRn38wIA.png" alt=""/></div></figure><p><strong>Nov 2 </strong></p><p>CoinDesk <a target="_blank" href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" rel="noopener">releases</a> a report on Alameda’s stability sheet. It revealed that $5.8b of the $14.6b belongings on Alameda’s stability sheet had been reportedly in FTT and different Solana ecosystem tokens. Nearly all of internet fairness in Alameda’s enterprise was really FTX’s personal centrally-controlled token, FTT.</p><p><strong>Nov 6 </strong></p><p>Alameda CEO makes an announcement on the stability sheet report from Coindesk and clarifies that Alameda had >$10b of belongings that weren't mirrored within the piece. She doesn't make clear liabilities that weren't listed within the report. The<em> </em>Tweet has since been deleted, and we weren't in a position to totally confirm her declare on-chain.</p><p>Binance CEO proclaims that they've determined to liquidate the remaining FTT on their books, price ~$584m in FTT. </p><p>Alameda CEO gives to OTC purchase all of Binance’s FTT holdings for $22 per token, resulting in hypothesis that Alameda might have had loans that will have in any other case been liquidated if the value of FTT falls under $22. This Tweet has since been deleted.</p><p>The overview of recognized Alameda wallets on the Ethereum chain steered that Alameda’s holdings on the Ethereum chain had been roughly valued at $21m on 6 Nov 2022 (based mostly on accessible Nansen knowledge) . Scrutiny of the on-chain knowledge revealed that it was extremely unlikely that Alameda had the liquidity to buy Binance’s FTT when Caroline tweeted publicly on 2 Nov 2022. So then, what was the motivation behind Caroline's public provide to buy Binance’s FTTs?</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:971pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63766a4596abff86830ef0bf_BP%20-%20Intext%20-%20Full%205.png" loading="lazy" alt=""/></div></figure><p><em>Pockets balances obtained are based mostly on accessible Nansen knowledge. Precise pockets balances could also be greater (e.g. doesn't take note of LP tokens and/or Alameda’s balances on CEXs) </em></p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:2258pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63766a15a11d3bdd6157090c_Screenshot%202022-11-17%20at%2017.23.54%20(1).png" loading="lazy" alt=""/></div></figure><p>Binance CEO <a target="_blank" href="https://twitter.com/cz_binance/status/1589374530413215744" rel="noopener">reinforces</a> an announcement on liquidating their FTT holdings. There was no on-chain exercise to help this transfer on the time at which the assertion was made.</p><p>FTX CEO responded by <a target="_blank" href="https://twitter.com/SBF_FTX/status/1589399422555033600" rel="noopener">clarifying</a> that FTX is solvent, stating that “FTX is ok, belongings are superb.” This Tweet has now been deleted.</p><p><strong>Nov 7 </strong></p><p>Markets resort to panic mode. Nansen’s monitoring of the 7-day stablecoin flows confirmed a internet influx of $411.5m deposited into Binance, with a internet outflow of $451.1m in withdrawals from FTX in that interval. </p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63765c752d807f57af234df3_bEO53B-X9ljaizhA4jF-9RGJJOXNbDIIrh4IpHiDpaRxzS61a0XdDDy9xtBmRy9p9OUEbCGvWzP434umh3dky9jFaee33Kw5NJa-kGZdhmiQ93jOGf9YS6Sb8N9OQVFT4AMkOwen1PQayCvjw_hsuG9L_pmzUlT0FyRe2_QCVCazh7s5CgX_VwCGAkBvug.png" alt=""/></div></figure><p>Moreover, our on-chain examination delivered to consideration a listing of (unusually) massive withdrawals previous to FTX’s collapse. </p><p>Entities who withdrew important quantities 24 hours earlier than withdrawals had been halted: </p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1235pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63765c7578315c6399777cda_VYG3RHQc6T3Rj-vzFYB5hfERSngap9F4S3xtBVv8Rh3HhuBpa4-s8Q8Z71bZlVn2hBrkLNjBPC1UTAWewe7Is-1slK8Lwom_4_v0Ygc051WPRLoxwY5IJeG40bWOp_cRwf_RL3Bobk5PrwDzsA_4qfT5S9jTOy2e1izVeJ8a5Dna69G47ZXnZ4Hg8Mg_kQ.png" alt=""/></div></figure><div class="w-embed"><table class="nansen-table"> <tr> <th>Receiving pockets</th> <th>Web withdrawals</th> <th>Receiving handle</th>
</tr> <tr> <td>ETH Millionaire</td> <td>$245,073,409.42</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0xbe385b59931c7fc144420f6c707027d4c2d37a81?tab=wallet-profiler" rel="noopener">0xbe..81</a></td>
</tr> <tr> <td>FTX Exploiter: 0x59ab</td> <td>$26,263,554.91</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x59abf3837fa962d6853b4cc0a19513aa031fd32b?tab=wallet-profiler" rel="noopener">0x59..2b</a></td>
</tr> <tr> <td>Token Millionaire</td> <td>$13,367,016.79</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0xd952beecffc6bc1228e83d0457d25d5a39555abf?tab=wallet-profiler" rel="noopener">0xd9..bf</a></td>
</tr> <tr> <td>Token Millionaire</td> <td>$11,996,046.63</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0xd04aa3a5a0518ba1dea0d48ff21c57e8f20ba753?tab=wallet-profiler" rel="noopener">0xd0..53</a></td>
</tr> <tr> <td>ETH Millionaire</td> <td>$9,995,037.45</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x33566c9d8be6cf0b23795e0d380e112be9d75836?tab=wallet-profiler" rel="noopener">0x33..36</a></td>
</tr> <tr> <td>Token Millionaire</td> <td>$9,995,036.95</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x98f67ae22745fdfe2e03637b248ea30c4d0a2394?tab=wallet-profiler" rel="noopener">0x98..94</a></td>
</tr> <tr> <td>"BobbieDigital" on OpenSea</td> <td>$9,737,856.51</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x2c071af9dcefb7155659b662480cbb8679977394?tab=wallet-profiler" rel="noopener">0x2c..94</a></td>
</tr> <tr> <td>FTX withdrawer after freeze</td> <td>$9,045,039.76</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x26c5a34bc8398fbd395b518ffab27724d7cc9617?tab=wallet-profiler" rel="noopener">0x26..17</a></td>
</tr> <tr> <td>🏦 Binance: Deposit</td> <td>$8,925,449.94</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x8dfc08a8ca0c4a20c19a60e3d1793aafdfe3fda1?tab=wallet-profiler" rel="noopener">0x8d..a1</a></td>
</tr> <tr> <td>🏦 Binance: Deposit</td> <td>$8,911,052.29</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x78b20f9b17a6ea64f031f7783fc01bb6c73d9324?tab=wallet-profiler" rel="noopener">0x78..24</a></td>
</tr> <tr> <td>🏦 Coinbase: Deposit</td> <td>$8,830,227.22</td> <td><a target="_blank" href="https://portfolio.nansen.ai/dashboard/0x982603136ea0efba1343c050730338321c6dfe44?tab=wallet-profiler" rel="noopener">0x98..44</a></td>
</tr> </table></div><p>The immense sell-pressure of FTT meant that the token finally broke decrease than $22 per token.</p><p><strong>Nov 8</strong></p><p>FTX <a target="_blank" href="https://twitter.com/BitcoinMagazine/status/1589984753528496128" rel="noopener">appeared</a> to have paused withdrawals as reported by The Block. Throughout this era, FTX <a target="_blank" href="https://etherscan.io/tx/0x5376955da6585fb3ca1347dd512ef15aad54710f8f7053bda7efa8bea5948fef" rel="noopener">sent</a> 92m ($37m) of BIT to 🤓 Alameda Analysis: 0x84d.</p><p>FTX CEO <a target="_blank" href="https://twitter.com/SBF_FTX/status/1590012124864348160" rel="noopener">shared</a> that Binance would enter right into a strategic transaction with FTX, of which Binance CEO <a target="_blank" href="https://twitter.com/cz_binance/status/1590013613586411520" rel="noopener">announced</a> a non-binding Letter of Intent to totally purchase FTX and assist cowl its liquidity crunch. </p><p>It appeared that Binance was leaning in direction of scrapping FTX rescue takeover <a target="_blank" href="https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/" rel="noopener">after</a> taking first look at books. At this level within the timeline, FTX US had <a target="_blank" href="https://etherscan.io/tx/0x9a243ccfa09c93ef5a7071240bfdece69227434993d6235322805ee2e70129bc" rel="noopener">sent</a> $10m USDT to Alameda. Alameda Analysis then despatched 130k FTT (~$715k) to 🏦 Binance: Alameda Deposit. Lastly, FTX US despatched 2,262 WBTC ($41m) to 🤓 Alameda Analysis: WBTC which was <a target="_blank" href="https://etherscan.io/tx/0x50078c408a8b3637ed02ccd4be49857a442e8f9416dc0b0e52749ea97e65e089" rel="noopener">later</a> despatched to WBTC: Controller. It's fascinating to notice that whereas FTX Worldwide had halted withdrawals, FTX US nonetheless managed to switch a large quantity of WBTC to Alameda. Alameda CEO additionally <a target="_blank" href="https://twitter.com/SBF_FTX/status/1590709169757491202" rel="noopener">implied</a> that solely the FTX Worldwide entity was dealing with liquidity points and that FTX US was unaffected. </p><p><strong>Nov 9</strong></p><p>The Wall Avenue Journal reported that Binance had <a target="_blank" href="https://www.wsj.com/articles/binance-is-said-to-be-likely-to-walk-away-from-deal-to-buy-ftx-11668020963" rel="noopener">walked</a> away from the FTX deal.</p><p><strong>Nov 11</strong></p><p>FTX <a target="_blank" href="https://www.coindesk.com/policy/2022/11/11/ftx-files-for-bankruptcy-protections-in-us/" rel="noopener">filed</a> for Chapter 11 chapter proceedings, with the FTX CEO resigning</p><h3>Conclusion</h3><p>In keeping with an unverified insider supply that was <a target="_blank" href="https://twitter.com/WhaleChart/status/1592408565402464259?t=YiAq7QENCDes8UBZ_48OiQ&s=19" rel="noopener">leaked</a> on Twitter as of 16 Nov, “<em>Caroline painted Alameda and FTX getting liquidated as a probable occasion somewhat than a tail occasion</em>.” Furthermore, FTX’s native token FTT was additionally a focus contributing to the fallout. The low float and fixed purchase strain from FTX implied that the one factor that might doubtlessly set off the FTT value to go down was a large promote strain for the token. Whereas the Coindesk <a target="_blank" href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" rel="noopener">report</a> first garnered the general public’s consideration to the connection between Alameda & FTX, the “bank-run” on FTX had additionally coincided with the announcement that Binance was trying to liquidate the remaining FTT on their books.</p><p>Piecing collectively the items from our on-chain investigation, it was evident that the Luna/Terra collapse revealed a deep flaw between Alameda and FTX’s muddled relationship. There have been important FTT outflows from Alameda to FTX across the Terra-Luna/ 3AC scenario. Based mostly on the information, the overall $4b FTT outflows from Alameda to FTX in June and July may probably have been the availability of collateral that was used to safe the loans (price at the very least $4b) in Could / June that was revealed by a number of folks near Bankman-Fried in a <a target="_blank" href="https://www.reuters.com/technology/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/" rel="noopener">Reuters</a> interview. </p><p>We additionally noticed barely uncommon massive steady outflows of stablecoin tokens from FTX to Alameda’s wallets throughout that point interval. Given the cascading impact of the Luna collapse, many corporations like 3AC had been liquidated inflicting a contagion throughout the crypto lending market. Whereas our on-chain investigation didn't immediately confirm that person funds had been being siphoned from FTX to Alameda in makes an attempt to “save” them from liquidation, the unusually massive FTT inflows from FTX post-Luna/ 3AC trace at a believable case. </p><p>From this level on, the intermingled relationship between Alameda and FTX turned extra troubling, provided that buyer funds had been additionally within the equation. Alameda was on the stage the place survival was its chosen precedence, and if one entity collapses, extra hassle may begin brewing for FTX. Given how intertwined these entities had been set as much as function, together with the over-leverage of collateral, our autopsy on-chain evaluation hints that the eventual collapse of Alameda (and the ensuing influence on FTX) was, maybe, inevitable.</p><p>The sudden fallout of FTX had induced a rising concern throughout the crypto market members - each traders and merchants alike. If something, this example solely strengthens the necessity for extra transparency in crypto. Our group at Nansen Portfolio have compiled real-time dashboards that showcase crypto exchanges’ <a target="_blank" href="https://portfolio.nansen.ai/entities" rel="noopener">proof-of-reserves</a>. While the record of asset holdings is non-exhaustive, this is step one to holding crypto members extra accountable. Hyperlink to proof-of-reserves per entity by Nansen might be discovered <a target="_blank" href="https://portfolio.nansen.ai/entities" rel="noopener">here</a>.</p><h4><em>I</em><strong><em>f you are desirous about testing the </em></strong><a target="_blank" href="https://pro.nansen.ai/exchange-flows" rel="noopener"><strong><em>Exchange Flows</em></strong></a><strong><em> dashboard, </em></strong><a target="_blank" href="https://www.nansen.ai/plans" rel="noopener"><strong><em>sign up for a trial today</em></strong></a><strong><em>!</em></strong></h4><h3>The Epilogue: Fascinating Entities & Wallets</h3><p>Throughout our investigation we famous a set of wallets which will or might not be Alameda/ FTX’s addresses. Remark of on-chain actions and interactions trace at a excessive probability that these wallets had an oblique publicity with Alameda. For individuals who are desirous about exploring these wallets, we've got offered a quick description of the related actions.</p><p>To get a greater understanding of our pockets labels, learn extra <a target="_blank" href="https://www.nansen.ai/guides/wallet-labels-emojis-what-do-they-mean" rel="noopener">here</a>. </p><div class="w-embed"><table class="nansen-table"> <tr> <th>Deal with</th> <th>Description</th>
</tr> <tr> <td><a target="_blank" href="https://pro.nansen.ai/wallet-profiler/counterparties?address=0x44b68b196148e426402b3e9ab3be974176ad32c0" rel="noopener">High Balance</a></td> <td><ul> <li>All through our evaluation, we came upon that Excessive Stability will get all their FTT tokens primarily from Celsius Buying and selling: Pockets. Vital transfers had been all despatched out to FTX: Alameda Deposit. Excessive Stability is maybe an middleman handle that helps with facilitating transfers between Celsius Buying and selling: Pockets and FTX: Alameda Deposit.</li> <li>On Could 11 2022, Excessive Stability obtained 6.8m FTT ($255m) from Celsius: Pockets which is distributed out to Alameda FTX deposit.</li> <li>On Could 12 2022, Excessive Stability obtained 881k FTT ($25m) from Celsius: Pockets which is distributed out to Alameda FTX deposit.</li> <li>Excessive Stability despatched a complete of 6.8m FTT ($190.3m) to FTX Alameda Deposit from Could 27 onwards up till July 13 (throughout LUNA/ UST contagion).</li> </ul> </td> </tr> <tr> <td><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0xf1556137e7f45817e774096c5922f32c68ab15ae" rel="noopener">Fund: 0xf155</a></td> <td><ul> <li>Fund: 0xf155 despatched a complete of 88m FTT to FTX: Alameda deposit from the interval of 14 June to 13 July, 2022. The connection between Fund: 0xf155 is opaque.</li> <li>Based mostly on on-chain proof, this handle obtained $403m price of FTT tokens and despatched out the identical quantity in cumulative worth. This pockets is doubtlessly used for middleman transactions, seeing as a lot of the transactions with Alameda wallets are transactions out.</li> <li>Tracing their earlier transactions, FTX usually sends FTT tokens to Fund: 0xf155 which is then despatched to Alameda Analysis: 0x84d and is transferred to a different Alameda Pockets, maybe to obfuscate their traces or for different unknown functions. The FTT finally ends up again in FTX. Moreover receiving their FTT from FTX, Fund: 0xf155 additionally obtained 2.54m FTT from Medium Dex Dealer (that originated from BlockFi).</li> <li>Excessive Stability despatched a complete of 6.8m FTT ($190.3m) to FTX Alameda Deposit from Could 27 onwards up till July 13 (throughout LUNA/ UST contagion).</li> </ul> </td> </tr> <tr> <td><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0x1169d30d9cc35fa6e1bbee80ffeb043fa938106c" rel="noopener">Found on BSC</a></td> <td><ul> <li>“Discovered on BSC” handle solely interacted as soon as with Alameda on 27 June 2022, who despatched 3.2m FTT ($87m) to FTX: Alameda Deposit.</li> <li>This handle interacted with a number of FTX-related wallets. All the token transactions to “Discovered on BSC” are funded from FTX. Diving deeper into the interactions between FTX and “Discovered on BSC” and which tokens are despatched into “Discovered on BSC” pockets, FTT and SRM stand out. </li> </ul> </td> </tr> <tr> <td><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0xb911c9ab63600b84b17ef37720b332c73231e904" rel="noopener">ETH Millionaire</a></td> <td><ul> <li>ETH Millionaire transferred a complete of 1m FTT ($24.4m) to FTX Alameda pockets from June 14 - Nov 7, 2022.</li> <li>FTT tokens transferred by ETH Millionaire got here from Bitgo Forwarder which additionally obtained their FTT tokens from Genesis Buying and selling OTC Desk.</li> </ul> </td> </tr> <tr> <td><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0x6748f50f686bfbca6fe8ad62b22228b87f31ff2b" rel="noopener">Huobi</a></td> <td><ul> <li>Huobi despatched 788k FTT to FTX Alameda pockets on June 15 alone.</li> <li>Whereas such FTT flows between Huobi and FTX:Alameda will not be uncommon, the quantity of FTT transferred on June 15 was above the each day common of 278.4k FTT tokens transferred since Could 2022.</li> <li>On 29 June 2022, Huobi sends the most important variety of FTT to FTX: Alameda for the reason that Luna and UST Crash.</li> <li>Complete of 1.84m FTT Tokens ($47.2m) had been transferred.</li> <li>Huobi additionally receives big quantities of FTT tokens from FTX, probably for market-making actions. From Could 1 to Aug 17, FTX despatched a complete of 4.98m FTT tokens price $139m to Huobi.</li> </ul> </td> </tr> <tr> <td><a target="_blank" href="https://pro.nansen.ai/wallet-profiler?address=0x0548f59fee79f8832c299e01dca5c76f034f558e" rel="noopener">Genesis Trading: OTC </a></td> <td><ul> <li>Between June 14 and Aug 16, Genesis Buying and selling: OTC despatched a complete of 95.4m FTT ($2.5b) to FTX Alameda.</li> <li>Such quantity may probably point out a powerful relationship between Genesis and Alameda. </li> </ul> </td> </tr>
</table></div><h3>Appendix </h3><h4>Mapping means of official FTT distribution to on-chain actions and addresses</h4><p>350m minted in complete and distributed in late July 2019 by <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x772589e99bc9c54dd40acb7d73f88ccbc9d9cf47" rel="noopener">Deployer</a>, from there:</p><h5><em>1. 5m goes straight to Alameda’s FTX Deposit earlier than FTT token itemizing on FTX and 5m was returned from FTX shorty after the itemizing.</em></h5><ul role="list"><li>5m tokens was transferred to FTX: 0x2fa and sure will get credited to Alameda’s FTX account<br/></li></ul><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63765f6ca7755de0fc5774b4_PWZaZKSha2ITjIzI05QOF1abz1uFyv-9JDcCLcDld5j4kY3uMZ8xca4-IXUNjKt6NLeRj4-3nhwWe-52c9Wkj59vzKIVIQGG_2AhrLX4_AueBsYwW33fiTRTbNRDjzaWPSWKnWin7v4pVUo9JZ4fK6optuPlHmTmRC0XUf9v6wzyHwGwl93sK4qiNIB2lg.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x772589e99bc9c54dd40acb7d73f88ccbc9d9cf47" rel="noopener"><em>Nansen</em></a></figcaption></figure><ul role="list"><li><a target="_blank" href="https://etherscan.io/tx/0xed21f299f12cf0985a154086018c168938a22c7dfd5da575fd1c10c85fb681e3" rel="noopener">5m returned from FTX: 0x2fa</a> 6 days after launch. In all probability the identical tokens from Alameda as nobody else ought to have this dimension at this level and there can be no motive for FTX to withdraw tokens. These transactions sum as much as internet 0 and the tokens find yourself again on the FTX deployer after which within the 3month vesting contract.</li></ul><h5><em>2. 20m will get </em><a target="_blank" href="https://etherscan.io/tx/0xaa4dfd3f6887a6f63a7cc57941ab5236e714658539f70af5c2038542756a84b2" rel="noopener"><em>transferred</em></a><em> to FTX Deposit: 0x23b</em></h5><ul role="list"><li><a target="_blank" href="https://etherscan.io/tx/0xaa4dfd3f6887a6f63a7cc57941ab5236e714658539f70af5c2038542756a84b2" rel="noopener"><em></em></a>Probably the funds for Liquidity provision as acknowledged within the tokenomics<br/></li></ul><h5>3. 255m FTT tokens allotted to <a target="_blank" href="https://pro.nansen.ai/top-depositors?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0xd769010d3813bafaf4addbfe258eafd07828bb83" rel="noopener">FTT Company Unlock Smart Contract</a></h5><ul role="list"><li>175m FTT to FTX <em>(virtually sure) + 105m </em>FTT transferred to different entities and never offered <em>(virtually sure)</em> - 20m FTT as preliminary liquidity <em>(virtually sure) </em>- 5m FTT to Advisors = 255m</li><li>Unlocks linearly however needs to be claimed and if left untouched, the “claimable quantity” simply will increase till it's claimed (see <a target="_blank" href="https://etherscan.io/address/0xd769010d3813bafaf4addbfe258eafd07828bb83#code" rel="noopener">contract details</a>)</li><li>The only real beneficiary of the contract is that this <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x97137466bc8018531795217f0ecc4ba24dcba5c1" rel="noopener">Alameda wallet</a> (see <a target="_blank" href="https://etherscan.io/address/0xd769010d3813bafaf4addbfe258eafd07828bb83#code" rel="noopener">contract details</a> and <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0xd769010d3813bafaf4addbfe258eafd07828bb83" rel="noopener">withdrawals from the FTT Company Token Contract</a>) which sends all of it again to the FTX deployer (who sends it to FTX) apart from 9m to <a target="_blank" href="https://pro.nansen.ai/top-depositors?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0xef9a85ff6fc161e88b58056a3b94a7f207d20336" rel="noopener">Millionaire: 0xef9</a><br/></li></ul><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63765f6c87b1a46a54abc029_HTw_-khWeSk8NHIn8OKAurKScfwIw16qjisVxicJ5NNu2XQTQP13FrdzlShNGNUDmPgUYpj7pLI4AlIq2xyeyg-3gDQPKpcr9njE7y5gat7R8c4he33PTfzodJBt-2aPCaCE5br4vlZxE-OqIKyKiqm5WU6ebcPJfxL34n6QrpIWJHRtj9YH1ojkjerSBw.png" alt=""/></div><figcaption><em>Supply: </em><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x97137466bc8018531795217f0ecc4ba24dcba5c1" rel="noopener"><em>Nansen, Alameda wallet profiler for FTT</em></a></figcaption></figure><p><strong><em>Judging by the quantity, these are virtually actually the FTX firm and FTX firm administrated tokens. The Alameda handle being the one beneficiary of the vesting contract is an indication of a really shut connection between the businesses. If the Alameda pockets receives FTT from the contract they possible really belong to FTX. They normally ahead them sooner or later and do nothing with them. </em></strong></p><h5>4. 75m into <a target="_blank" href="https://etherscan.io/tx/0x351923c8f808715a3b2f47dd39dd0003581a64cba8b56dfda1e299ff34f15ed4" rel="noopener">3month unlock contract</a></h5><ul role="list"><li>59.3m to Investor rounds <em>(virtually sure) </em>+ 5m to Advisors <em>(possible)</em> + 10.7m unaccounted from tokenomics doc <em>(possible)</em></li></ul><p>5m again to<a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x772589e99bc9c54dd40acb7d73f88ccbc9d9cf47" rel="noopener"> FTX Deployer which ended up on FTX deposits 0xa5d and 0x23b</a><strong>, </strong>might be Advisor tokens<em> </em>or a mixture of advisor and early traders (possible)</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1600pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63765f6c30c92539a4fd3055_gDfrfXxNuTCICnbwcjtVgtBYdcGdXpgGN4ArXAe9D055-ovVgxTGGAw1LVYAYo8VQyuG5P4jer8y-Qr1P3-ggq5gvQTI35ghWalNgMl-uaBo-8uOq19pd1cXXZM2E-AGCZdDqDLab1PwA4luuA9vDMOPYWDVSVOaUj5JN2JM9M9_GM9kN7usDcLUa2SVlw.png" alt=""/></div><figcaption>Supply: <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x772589e99bc9c54dd40acb7d73f88ccbc9d9cf47" rel="noopener">Nansen</a></figcaption></figure><p>10m to <a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x4aa86e85cc1f4387925ebb40e18876573e6caeec" rel="noopener">Token Millionaire: 0x4aa</a> (sits there until at the moment)</p><p><a target="_blank" href="https://pro.nansen.ai/top-depositors?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0xa5d4f0eea1528bdc69e5a5368927d327c5a68409" rel="noopener">20m to FTX Deposit:0xa5d</a> (identical one the FTX Deployer deposited in, possible affiliated with FTX and/or Alameda), tokens possible distributed to FTT early traders, distributed by way of the FTX platform<em> </em></p><p><a target="_blank" href="https://pro.nansen.ai/top-depositors?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0xef9a85ff6fc161e88b58056a3b94a7f207d20336" rel="noopener">40m to token Millionaire: 0xef9</a><strong>,</strong> who additionally obtained 9m from <a target="_blank" href="https://pro.nansen.ai/top-recipients?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x97137466bc8018531795217f0ecc4ba24dcba5c1" rel="noopener">Alameda</a> across the identical time </p><ul role="list"><li>1.5m FTT nonetheless stays there</li><li>20m to <a target="_blank" href="https://pro.nansen.ai/top-depositors?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0xa5d4f0eea1528bdc69e5a5368927d327c5a68409" rel="noopener"> FTX Deposit: 0xa5d</a> (identical the place the 3mo unlock went and FTX deployer despatched funds as properly), Additional distribution to early FTT traders <em>(possible)</em></li></ul><p><a target="_blank" href="https://pro.nansen.ai/wallet-profiler-for-token?token_address=0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9&address=0x209059248dcae5dc3297537099f214c82694eb0a" rel="noopener">27.5m to EIP1559 user</a>: 0x209 who sends:</p><h5><strong></strong>General it's possible that at the very least 307m tokens out of 355m tokens (86%) of all FTT had been initially managed by Alameda or FTX. With one other 12m tokens not being distributed and remaining untouched all through the years in wallets with unknown house owners, this proportion might be as excessive as ~90%.</h5><h4>Alameda / FTX FTT transactions with Genesis Buying and selling</h4><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:2333pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/63766815e634d04fbbcb43a0_BP%20-%20Intext%20-%20Full-8.png" loading="lazy" alt=""/></div></figure><h4>Nansen pockets labels and addresses</h4><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:1243pxpx"><div><img src="https://assets-global.website-files.com/60118ca1c2eab61d24bcf151/637667e99967429fa00a706d_BP%20-%20Intext%20-%20Full-7.png" loading="lazy" alt=""/></div></figure><p></p></div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <br>[ad_2] <br><a href="https://news.google.com/__i/rss/rd/articles/CBMiUmh0dHBzOi8vd3d3Lm5hbnNlbi5haS9yZXNlYXJjaC9ibG9ja2NoYWluLWFuYWx5c2lzLXRoZS1jb2xsYXBzZS1vZi1hbGFtZWRhLWFuZC1mdHjSAQA?oc=5">Source link </a>