Is Sam Bankman-Fried secretly moving bankruptcy funds?

The essentials in brief:

• Coins owned by Alameda Research have been moved.
• Suspicion falls on insiders.
• Also, FTX appears to have funded Robinhood shares with money from Alameda Research.
• This again shows the unfair amalgamation of the two companies.
• Creditors file class action lawsuit against FTX.

Alameda coins moved

Although Alameda Research is insolvent and no one but the insolvency administrator should have access to the remaining coins, funds have recently been moved again. Unknowns have made a whole series of transactions and swaps in crypto assets such as USDC and LDO, its origin was an address identified by Alameda Research.

The fact that the coin movements coincide with SBF’s release on bail makes the hearts of conspiracy theorists beat faster. Did the ex-CEO even squander money himself?

At this point in time, one has to say: unlikely. After all, financial transactions of this magnitude would be a clear violation of his bail conditions, which would put SBF straight into custody.

Nevertheless, the ETH and ERC 20 transfers from addresses attributed to Alameda Research, noticeable. Above all because no statement by the insolvency administrator has been found so far; only he should have access to the funds.

It is also noticeable that the coins and tokens were routed to decentralized exchanges such as FixedFloat and ChangeNow. They are also popular among money launderers.

There they were exchanged for Bitcoin, according to a tweet from on-chain forensic scientist @ErgoBTC.

FTX bought Robinhood stock with Alameda money

The ties between the sister companies FTX and Alameda Research are closer than previously thought. Because, according to the content of an affidavit that FTX founder Sam Bankman-Fried (SBF) made before the Supreme Court of Antigua and Barbuda, he had financed the purchase of shares in neo-broker Robinhood in the summer of 2022 with borrowed money. According to the report, SBF borrowed a total of $546 million from Alameda Research to buy Robinhood shares for 7.6 percent of the company’s value.

The news is piquant in three ways. First, it shows how deep the unfair entanglement between the two actually independent companies Alameda Research and FTX was. Second, Robinhood shares play a key role in the FTX bankruptcy case, which Alameda Research used to lien on a BlockFi loan. In addition, customer funds are said to have been in the Alameda portfolio.

From the point of view of the also bankrupt lending service, the Robinhood shares are therefore entitled to BlockFi. So far, the shares, currently worth $450 million, are still owned by the holding company Emergent Fidelity Technologies, which is managed by SBF. A court must now decide whether the company shares are lawfully owned.

FTX: Class action lawsuit filed against Sam Bankman-Fried

Creditors filed a lawsuit against FTX and its CEO, Sam Bankman-Fried, in a US district court in Delaware. They are pushing for their assets to be paid out. This is reported by the Reuters news agency. It is the first class action lawsuit against the company.

The complaint argues that SBF and its ilk misappropriated customer assets in particular. “The group of FTX customers should not have to stand in line with other creditors in this bankruptcy proceeding just to participate in the shrunken assets of the FTX group and Alameda,” the complaint reads.

It had previously become known that SBF had been released from custody against a record bail of 250 million US dollars. The FTX founder is currently under house arrest. We reported.