Crypto Fund Alameda's Ethereum Wallet Holdings Slumped 50% Since October
Crypto fund Alameda Research holds just over $222 million in cryptocurrencies over 56 Ethereum addresses, analysis by on-chain researcher Lookonchain showed Wednesday.
That's half the more than $500 million it had Oct. 1, according to data compiled by The Block. Ethereum fell just over 8% in the same period.
Alameda has come under scrutiny following a CoinDesk report last week that found its balance sheet was full of FTT, the native token of crypto exchange FTX. Both companies are owned by Sam Bankman-Fried, meaning the trading fund rested on a foundation largely made up of a coin invented by its sister company, not an independent asset like a fiat currency or another crypto.
1/ How many assets does #Alameda have on-chain?— Lookonchain (@lookonchain) November 9, 2022
We analyzed 56 addresses starting with "0x" of #Alameda.
The net worth of Alameda is 222.4M USD.
And we also analyzed Alameda's assets and Debts on Defi.👇#AlamedaResearch #FTTcrash #FTT #FTX pic.twitter.com/nonmvleXP8
More than $150 million of Alameda's tokens are held in its Ethereum wallets, with 50% of that held in just one wallet. Another 13 addresses hold more than $1 million and 19 contain $100,000. Some $75 million worth of tokens is held in decentralized finance (DeFi)-based wallets.
Crypto holdings over $1 million consist of stablecoins, ether, BitDAO (BIT) and FTT.
Alameda has debt of $3.6 million overall, the research shows.
Alameda supplied over 6.9 million FTT, worth $35 million at writing time, to DeFi lending application Abracadabra. Another 4.6 million SUSHI, worth $6.11 million, is held on the DeFi exchange SushiSwap. “She could withdraw and sell at any time,” Lookonchain said, referring to Alameda co-CEO Caroline Ellison.
Alameda had not responded to a request regarding what they intend to do with their Ethereum holdings by publication time.