- Alameda Research moved millions of dollars’ worth of tokens to decentralized exchanges and crypto mixers on Wednesday.
- On-chain data indicates many of the tokens were swapped into USDT before being converted into Bitcoin.
- The Alameda wallets became active a few days after FTX co-founder Sam Bankman‑Fried was released on $250 million bail.
Crypto wallets linked to Alameda Research, the quantitative trading unit once affiliated with collapsed exchange FTX, showed significant on-chain activity on Wednesday, according to publicly available blockchain data.
Addresses associated with Alameda reportedly sold a range of smaller-cap tokens, converting those holdings into stablecoin and major cryptocurrencies such as Bitcoin and, in certain cases, Ethereum.
Alameda unloads millions in tokens
Data shared on Twitter by Martin Lee, a data journalist at the blockchain analytics platform Nansen, flagged a series of unusual transactions involving Alameda-controlled addresses. The transactions appeared to swap various tokens into Ethereum and the Tether USD stablecoin (USDT).
Following the swaps, funds were routed through decentralized exchanges and swapping services, including ChangeNOW and FixedFloat, before ending up in other wallets.
Independent on-chain investigators from Arkham Intelligence reported that Alameda-linked wallets offloaded more than $1.7 million worth of tokens across multiple mixing and swapping services.
In total, Alameda-related wallets have mixed:
270.5 ETH through ChangeNOW (~$325k)
800k USDT through FixedFloat
200k through Curve SynthSwap (to native BTC)
200k through Airswap
200k through other crypto-mixing servicesreaching a total of $1.7M that has been taken.
— Arkham (@ArkhamIntel) December 28, 2022
Arkham’s breakdown shows multiple routing paths were used: some assets were converted directly to USDT and then to Bitcoin, while others moved through services that facilitate token-to-token swaps. The on-chain movements were publicly visible and traceable, enabling analysts to map the flow of funds across addresses and platforms.
The sales took place on open markets, which likely contributed to sharp price drops for several affected tokens. Tokens reported as sold from these Alameda addresses include Ether (ETH) and several Ethereum‑based assets such as Curve (CRV), USD Coin (USDC), Dai (DAI) and Convex (CVX).
Blockchain investigator ZachXBT also shared findings showing that funds were consolidated into two recipient wallets, swapped for USDT, and subsequently converted into Bitcoin.
This spike in activity followed weeks in which the Alameda wallets were largely dormant. The renewed movement of assets coincided with the release of former FTX CEO Sam Bankman‑Fried on $250 million bail, after which the wallets were observed executing multiple sales. Market watchers noted these on‑chain sales happened around the same time that Solana (SOL) experienced a notable price decline.
Observers emphasize that on-chain transparency allows anyone to follow the transactions, and the recent activity from Alameda-linked addresses underscores how large on‑chain sales can affect token liquidity and market prices. Analysts continue to monitor the wallets for further activity and to assess any broader market impact.