SBF-rated wallet is moving massive funds on exchange
Address marked as Alameda by blockchain explorer OKLink moved a huge volume of stablecoins on the FTX centralized exchange. The faith of the funds moved remains undisclosed.
Alameda address transferred over 1.55 billion USDC, 200 million in USDT and 240 million in BUSD during the past week. Some transactions were made prior to the massive crash we saw on the weekend. The total value of transacted funds sits at nearly $2 billion.
Such a large trading volume could be linked to the buying spree that Alameda planned after almost all cryptocurrencies in the market fell by more than 40%, creating buying opportunities for large investors.
At press time, their wallet has no funds left and remains almost completely empty, with only some tokens worth approximately 6 ETH. The last transactions made by Alameda address were deposits on FTX exchange and convex finance transfers.
Some users speculated that the wallet was transacting to support the Solana cryptocurrency, which had previously emerged at the center of a scandal related to the Solend platform, which took over the user’s wallet and liquidated its position of strength.
Recently, large institutional investors like Celsius and Three Arrows Capital have faced unexpected margin calls and liquidations after Ethereum and other cryptocurrencies lost around 30% of their value in a matter of days.
Such a fall in the market caused a cascade of liquidations which affected the unsecured positions of the aforementioned institutions which had to attract more funding from investors and other companies to save the rest.
At press time, the cryptocurrency market shows a mild correction with major assets losing from 3% to 5% of their value.