Links Between FTX And ​​Its Sister Company Revealed: Data Refutes FTX!

Research analyst at analytics firm Niklas Polkin its final report FTX and Alameda showed what on-chain data reveals about wallets used by

On-Chain Data Shows Close Ties Between FTX and Alameda Have Existed From The Beginning

Niklas Polk, a research analyst at analytics firm Nansen, said that despite companies’ claims to the contrary, blockchain data shows that crypto exchange FTX and sister company Alameda Research have been linked from the very beginning.

The findings on the chain show that the two companies have been intertwined since 2019, Polk said. But making sense of the data may be the reason why no one sees FTX’s downfall coming, he said.

“We could see that there was something going on, that they were closely connected, and that there was enough flow,” Polk said, referring to Nansen’s latest report, which delved deeper into what was going on between the corporate siblings.

“But since FTX is a centralized entity, you can’t really see what’s going on inside. You really don’t know how much money should be there,” he said.

What was distinctive, according to Polk, was that coins were flowing between wallets. Notably, while FTX’s native token FTT is available in most exchanges and Alameda’s wallets, only a fraction of the tokens are in circulation.

According to Polk, what Nansen suspects is that the people in charge of the wallets may be moving the tokens between these two companies, making the interaction between the two supposedly separate companies closer than they should be.

According to Nansen, even during FTX’s court hearing on Tuesday, some wallets holding about $10.7 million worth of FTT tokens were still in limbo.

“Today they are still lying there and we do not know who these wallets belong to,” said Polk, adding that the tokens in some wallets were never touched.

*Not investment advice.

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