The address marked as Alameda by the OKLink blockchain explorer has moved an enormous volume of stablecoins on the FTX centralized exchange. The faith of the moved funds 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.
The addresses marked as “Alameda” by OKLink have transferred over 1.55 billion USDC, 200 million USDT, and 240 million BUSD to the FTX exchange in the past week, with a total value of nearly $2 billion. https://t.co/KIGzQVH84Y
— Wu Blockchain (@WuBlockchain) June 22, 2022
Such a large transactional volume could be tied to the buying spree that Alameda planned after almost every cryptocurrency on the market plunged by more than 40%, creating some 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 assumed that the wallet is transacting to support Solana cryptocurrency, which previously appeared in the center of a scandal tied to the Solend platform, which took control of the user’s wallet and liquidated his or her position forcibly.
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 strong plunge on the market caused a cascade of liquidations that affected non-collateralized positions of the aforementioned institutions that had to attract more funding from investors and other companies to save the remainder.
At press time, the cryptocurrency market shows a mild correction with major assets losing from 3% to 5% of their value.