Alameda Research private sale participant in Covalent 2023 unlock

Alameda Research private sale participant in Covalent 2023 unlock

According to Twitter financial market analyst Lookonchain, Alameda Research was one of the seven recipients of Covalent’s ($CQT) 21,941,176 ($2.5 million) tokens in the latter’s recent unlocking.

The first unlock of 2023

According to Lookonchain, seven private sale participants of CQT have earned from the first unlock in 2023.

The addresses include Mechanism Capital, Spark Digital Capital, Woodstock, Alameda Research, Hypersphere Ventures, and LedgerPrime. The unlock happened after CQT showed a bullish trend in the last few days.

According to CoinMarketCap, CQT has increased by 2.89% in the past 24 hours.

Covalent’s private sale participants

Mechanism Capital received 69 million CQT valued at $7.9 million and transferred 9.6 million, valued at $8.3 million, to FTX in August 2021. One CQT was equivalent to $0.86. Currently, Mechanism Capital holds 59.6 million CQT valued at 6.76 million USD.

Spark Digital Capital got 588,236 CQT valued at $67,300 and sold 27,060 CQT worth 37,495 USD in August 2021 at a price of $1.39.

Web 3.0 investment firm Woodstock received 15.4 million CQT and transferred the full amount to KuCoin. The average selling price of the CQT is estimated at $0.79, implying that Woodstock will get an equivalence of about $12 million.

Alameda Research received 15.2 million CQT transferring 9.4 million coins to OKX and FTX at an average price of $0.52.

Hypersphere Ventures received 1.47 million CQT and transferred the entire amount to OKX and KuCoin at an average of $0.43. While LedgerPrime got 588,236 CQT and transferred the amount to FTX at an average of $0.78. Lack Davis was among single individuals who acquired 117,648 CQT and sold it at an average of $0.57, getting about $66,656.

Covalent’s relationship with Alameda Research and FXT

The fall of FTX exposed the exchange’s relationship with Alameda Research, which had participated in the private sale with Covalent.

The interaction with Alameda Research necessitated Covalent to clarify its relationship with FTX, which was going insolvent. In a statement released by Covalent, the network denied any ties with FTX, FTT, and Alameda Research.

The startup indicated that Alameda Research was one of the market makers in June 2021, whose relationship lasted until June 2022. All the CQT related to marketing were returned, and terminated the connection. The company further indicated that there was no other business with Alameda Research or FTX.

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Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.