Three crypto wallets were identified that were selling heavily when the stETH/ETH stable fell to their monthly lows in May-June of last year. It is alleged that FTX and its founder SBF are behind the transactions that sell loaded stETH.
Wallets related to former FTX CEO move $90M
Blockchain security firm PeckShield has identified three wallets that have converted 63,860 Ethereum stakes (stETH) – roughly $90 million – into Ethereum (ETH), where stETH/ETH fell to a monthly low between May 2022 and June 2022. PeckShield says that three wallets pull stETH from FTX, convert it to ETH, and then transfer the funds back to the exchange. These transactions may be linked to FTX founder Sam Bankman-Fried (SBF).
While stETH/ETH fluctuated, millions of dollars worth of stETH were withdrawn from FTX wallets
On May 13, 2022, when stETH/ETH dropped to $0.971, a wallet starting “0x6b92” withdrew 15,000 stETH worth $23.4 million from FTX, then exchanged them for 14,300 ETH and transferred them back to FTX. On June 11, 2022, when the stETH/ETH constant hit $0.955, the other two wallets did similar transactions.
Peckshield says that wallets starting “0x1b23” and “0x2e85” pulled 49,000 stETH from FTX with a total value of $66 million, exchanged them for 42,000 ETH and returned the funds to FTX.
Alameda Research linked transactions
Coinbase executive Conor Grogan tweeted that the two wallets had withdrawn over $75 million in stETH from FTX on June 8, 2022, all of which were plentiful. These transactions are clearly SBD/Alameda linked, Grogan says.
According to Grogan, these transactions triggered a series of events that eventually affected crypto lending firm Celsius (CEL) and crypto hedge fund Three Arrows Capital. He pointed out that StETH lost its price stability and “caused significant stress in the market”. The Coinbase executive states that the crypto lender suspended withdrawals just four days after the incident:
On 06/08/2020, 2 mystery wallets have withdrawn more than $75M in stETH from FTX. They then started selling everything, initiating a “pegging” event that was seen as one of the factors contributing to Celsius’ bankruptcy and 3AC’s collapse. Today we know that SBF/Alameda is behind these sales.
Coinbase administrator is sure something is going on in the background
According to Grogan, the previously unknown wallets were made public in January after he sent ETH and stETH to the property of the bankrupt exchange. However, the reason behind the swaps is still unknown. According to Grogan, Alameda experienced a seven-digit shift in trading, which raises questions about why the savvy crypto firm would make such a move. cryptocoin.com As we reported, FTX filed for Chapter 11 bankruptcy in November last year, starting a wave of bankruptcies that engulfed crypto companies.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.