Blockchain security firm PeckShield has pegged 63,860 stake of Ethereum (stETH) (about $90 million) to Ethereum (ETH) from May 2022 to June 2022 when the stETH/ETH peg fell to a monthly low. Identified 3 wallets that converted to
According to the company, three wallets withdrew stETH from FTX, converted it to ETH, and then returned the funds to the exchange. It added that these deals could be related to FTX founder Sam Bankman-Fried (SBF).
wallet transactions
When stETH/ETH fell to $0.971 on May 13, 2022, “0x6b92” withdrew 15,000 stETH (worth $23.4 million) from FTX, exchanged it for 14,300 ETH, and transferred it to FTX.
Two other wallets will perform similar transactions when the stETH/ETH peg widens to $0.955 on June 11, 2022.
pec shield Said Wallets ‘0x1b23’ and ‘0x2e85’ withdrew $66 million worth of 49,000 stETH cumulatively from FTX, exchanged them for 42,000 ETH, and put the funds back into FTX.
Alameda Research related
Coinbase Director Connor Grogan murmured On June 8, 2022, two wallets withdrew over $75 million in stETH from FTX and sold it all on the market.
According to Grogan, the move sparked a chain of events that ultimately affected crypto lender Celsius and crypto hedge fund Three Arrows Capital. He noted that the stETH depeg “has caused a lot of stress in the market,” adding that cryptocurrency lenders stopped withdrawals just four days after the event.
“Alameda could have handled this transaction OTC on behalf of Celsius or another large company.”
According to Grogan, a previously unknown wallet was made public after transferring ETH and stETH to bankrupt exchange assets in January.
However, the motivation behind the swap remains unclear. According to Grogan, Alameda has slipped by seven figures in the trade.
