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Sam Bankman-Fried’s failed cryptocurrency trading firm Alameda Research appears to be consolidating its cryptocurrency assets into a single wallet.
According to on-chain analytics firm Nansen, the company has recently been steadily accumulating $93,353,985 worth of Ethereum-based altcoins at one address.
Most of the altcoins name The USD-pegged stablecoin Tether (USDT) represents 43% of the portfolio.
The second largest altcoin allocation is BitDAO (BIT). Bybit, Pantera, and billionaire Peter Thiel-backed Decentralized Autonomous Organizations (DAOs) account for his 29% of the wallet in question.
The wallet also contains a small amount of some additional assets, including Ethereum (ETH) itself, which is 3% of the wallet.
Nansen analyst Say Coins could be integrated as Bankman-Fried’s defunct crypto empire FTX begins bankruptcy proceedings.
Bankman-Fried has been accused of mishandling customer funds and declared bankruptcy 10 days ago with FTX, FTX.US, Alameda Research and other FTX affiliates.
John J. Ray III, who oversaw the liquidation of scandalous American energy company Enron, is now managing the ramifications of FTX as the company’s new CEO.
In an initial filing about the company’s operations, Ray said he had never seen a company mismanaged like FTX.
“Never in my career have I seen such a complete failure of corporate management and complete lack of reliable financial information as has happened here.”
The amount of customer money lost by FTX, Alameda Research, and their subsidiaries varied widely, and is believed to have lost at least $1 billion worth of investor money.
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Featured Image: Shutterstock/robertedit949/Natalia Siiatovskaia
