Crypto Wallet of FTX Sister Firm Alameda Research Receives $30M USDC

Lookonchain alerted the crypto community that one of the crypto wallets under the control of Alameda Research, a sister company to the bankrupt FTX exchange, has received $30 million in USDC stablecoin.

They shared blockchain data illustrating that Alameda currently controls over $167 million in the said wallet, comprising $72.8 million in stablecoins, $24 million in Ethereum (ETH) tokens, and other fairly notable coins.

The Alameda assets receiving wallet received 30M $USDC from «Alameda Research 25» 7 hours ago.

The wallet currently holds $167M assets:

100M $BIT ($46.6M)
41M $USDT
31.8M $USDC
17,177 $ETH ($24M)
4.6M $SUSHI ($5.2M)
10M $WXRP ($3.76M)
6.86M $RNDR ($3.2M)
6.86M $SRM ($1.6M)
… pic.twitter.com/BNjg0lGpIP

— Lookonchain (@lookonchain) January 12, 2023

Yesterday, Andy Dietderich, a lawyer representing FTX in the bankruptcy court, said the exchange recently located more than $5 billion of cash, liquid cryptocurrency, and liquid investment securities. Dietderich also said the defunct company plans to sell nonstrategic investments with a book value of $4.6 billion.

However, crypto analyst Lookonchain believes the colossal sale of nonstrategic investments could cause enormous selling pressure on the digital asset market.

Recently, around 117 parties have expressed an interest in buying units of FTX as the deadline for initial bids approaches. Kevin Cofsky, FTX group’s investment banker, said earlier this week:

Approximately 117 parties, including various financial and strategic counterparties globally, have expressed interest to the debtors in a potential purchase of one or more of the businesses.

Given that the FTX’s bankruptcy case could take years, FTX has prioritized the sale of LedgerX, FTX Japan, FTX Europe, and the stock-clearing platform Embed. It argued that listed firms are the easiest to separate and with greater depreciation risk if not sold quickly.

Notably, shortly after it became public that FTX recovered over $5 billion of liquid assets, the price of Bitcoin appreciated and broke the $18k price point.

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