Several tokens held by Sam Bankman-embattled Fried’s trading firm Alameda Research were sold for millions of dollars late on December 28th, as the firm’s founders face criminal charges in connection with the collapse of Alameda and FTX, the crypto exchange Bankman-Fried ran.
According to on-chain data cited by crypto research firm Arkham Intelligence, $1.7 million in tokens from Alameda-linked wallets were sold in the open market over the course of several hours on December 28th. This sparked fears on Crypto Twitter that the sales would result in a sharp drop in the prices of those tokens.
On-chain data showed Ethereum-based tokens such as USD coin (USDC), dai (DAI), curve (CRV), ether (ETH), convex (CVX) and others were consolidated from several wallets to just two wallets and later sold for tether (USDT) stablecoin.
(Reporting by Shikha Singh, Editing by Kapil Rajyaguru)
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