Alameda sells over $200M in stablecoins to exchanges; FTT token comprises majority of its $14B in assets Alameda sells over $200M in stablecoins to exchanges; FTT token comprises majority of its $14B in assets
Arkham intelligence dashboard revealed that Alameda research has sold $284m worth of stablecoins to crypto exchanges in the last two days.
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Updated: Nov. 2, 2022 at 5:36 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Arkham’s intelligence dashboard revealed that FTX’s sister company Alameda Research sold $284 million worth of stablecoins to crypto exchanges between Oct. 31 and Nov. 2, according to data analyzed by CryptoSlate.
The market maker sold $168 million worth of USDT to FTX. It sold $66 million USDP to Binance and $50 million USDC to Circle.
The massive outflows are coming before the Federal Open Market Committee (FOMC) meeting. The Federal Reserve is expected to raise the interest rates by 0.75% for the fourth time.
CryptoSlate research stated that the high rates might be necessary to curb inflation that could increase even further as households tap into their cash savings.
Alameda Research’s Crypto Holdings
FTX’s (FTT) token comprises the majority of the crypto holdings of Alameda Research, Coindesk reported Nov. 2.
According to the report, Alameda holds roughly $5.82 billion worth of FTT tokens -the trading firm holds $3.66 billion worth of “unlocked FTT” and $2.16 billion worth of “FTT collateral.”
The firm also has $292 million of “locked FTT” among its $8 billion liabilities.
The report stated that Alameda also held a significant amount of Solana (SOL) tokens. The crypto trading firm holds “$292 million of ‘unlocked SOL,’ $863 million of ‘locked SOL’ and $41 million of ‘SOL collateral.'”
Meanwhile, the Alameda statement reportedly stated that the values of locked tokens should be “conservatively treated at 50% of fair value marked to FTX/USD order book.” Going by this, the value of the tokens might be much lower.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
Tether
$1.00093
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$0.99990
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.