Since the collapse of the FTX crypto exchange, analysts have been trying to figure out what happened. Blockchain analytics firm Argus recently said that Alameda Research owns around $60 million worth of tokens. After careful examination, Argus noticed that there was an anomalous connection between the FTX companies and Alameda Research.
Alameda wasn’t as distinct from FTX as it should be
In an article published on Monday, the Wall Street Journal reported the findings of an analysis conducted by crypto compliance firm, Argus, on Alameda and FTX. It appears that the trading company accumulated tokens before its listing and that of the FTX exchange on the exchange was publicly announced. It looks like Alameda has knew before everyone else which tokens were found on FTX.
This would explain why the trading company proceeded to acquire these before the public announcements. According to Argus, after the purchase, the company sold the tokens and made a profit. Argus also revealed that Alameda has $60 million of 18 separate tokens in its possession. Tokens that turned out to be all supported by FTX.
You should know that the trading company Alameda Research was created in 2017 by Sam Bankman-Fried. Then, in 2019, the latter founded the crypto exchange FTX. In 2021, Sam Bankman-Fried decided to retire from day-to-day trading at his trading company. It should be noted that he always maintained that the two companies were separate.
Argus co-founder suspects wrongdoing
the wall street journal interviewed Omar Amjad, the co-founder of Argus, about the results of the company’s scrutiny. Omar Amjad said: “What we’re seeing is that they’ve basically almost always, in the month prior, bought a position that they didn’t have before“.
“It’s quite clear that there’s something in the market telling them that they should buy things. But it’s about things they didn’t have beforeadded the Argus co-founder. This is a pattern seen in other crypto businesses by authorities.
Some time ago, NFT marketplace OpenSea and crypto exchange Coinbase were accused of insider trading. Today, Alameda Research and FTX are suspected of having committed the same type of infringement.
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