Alameda wallets transferring stablecoins amid USDC’s depeg

During the weekend, a wallet associated with the liquidators of the Alameda Research estate sent well over $100 million in stablecoins to Cumberland and GSR Markets.

Amid that first transfer, on March 14, stablecoins worth $188.5 million were again transferred from three more wallets associated with FTX and Alameda to other top exchanges.

On March 13, over $47 million worth of USDC was sent to GSR Markets. A total of $50.3 million was sent to Cumberland across two transactions, according to on-chain analysis conducted by Arkham Intelligence.

USDC was one of the cryptocurrencies affected by a depeg over the weekend due to banking concerns in the United States.

The three top exchanges among those who received funds from the Alameda wallet

According to the blockchain detective Lookonchain, three more wallets previously connected to FTX and Alameda sent $188.58 million to the cryptocurrency exchanges Coinbase, Kraken, and Binance.

It is not apparent if the money is being invested in creating a yield or whether the bankruptcy officials are consolidating the funds.

What next after FTX and Alameda

After the failure of FTX and Alameda in November, the newly appointed chief executive officer (CEO) of FTX, John J. Ray III, who was paid $690,000 for his first two months in the post, has been pondering through a range of options to make creditors whole.

One possibility is to restart the FTX exchange.

In a January interview with the Wall Street Journal, Ray said, “everything is on the table.” If there is a way to go ahead with it, then we will not only investigate that possibility, but we will also implement it.