This week, FTX debtors issued a press release and a 20-page document noting that bankruptcy administrators had located $5.5 billion in liquid assets.The document details that investigators discovered fiat currencies, crypto assets, and securities as part of FTX’s and Alameda Research’s cache.However, the disclosure to unsecured creditors does not mention the extremely large stash of non-fungible tokens the company had accrued over the years.FTX and Alameda’s Liquidated Assets Include Thousands of NFTs and ENS Names FTX’s inner circle and the quantitative trading company Alameda Research were heavily involved in the non-fungible token (NFT) hype that began in 2021.In fact, after FTX and Alameda filed for bankruptcy protection, our news desk parsed through a large number of Alameda/FTX-associated wallets and discovered thousands of NFTs and Ethereum Name Service (ENS) names.
The discoveries were derived from wallets labeled by Block researcher Larry Cermak and parsed data from the crypto monitoring application Arkham Intelligence and dappradar.com‘s portfolio viewer.
For example, the Alameda-linked address “0x116” holds around $100,000 in crypto tokens, but it also holds 107 ENS names.
It’s possible that Alameda thought it could flip ENS names in the future, as the firm obtained a great number of common names.Alameda and now the liquidators own ENS names such as “tickets.eth,” “payment.eth,” “network.eth,” “dungeon.eth,” “packager.eth,” “nootropic.eth,” “breakfast.eth,” and many more.Most are not worth very much, but some of the specific ENS names like “payment.eth” and “network.eth,” have sold for close to $9,000 per name.
Alameda’s ENS name collection is not mentioned in the 20-page presentation shown to FTX’s unsecured creditors.Last year in January, there were a lot of controversies when a few mirrored non-fungible token (NFT) collections appeared on the scene, copying the artwork of Cryptopunks and Bored Ape Yacht Club (BAYC) NFTs.Interestingly, Alameda’s ETH address “0x0f4” holds a massive quantity of unofficial “flipped” Cryptopunks and “mirrored” BAYC NFTs.The “0x0f4” address holds 2,447 NFTs in the wallet from 629 different NFT collections.Alameda’s “0x0f4” collected NFTs from compilations such as Time Frog, Party-Animals, Metawarden, Shrouded Playground, and many more from dozens of relatively unknown NFT collections.
Alameda collected blue-chip non-fungible tokens (NFTs) as well, and records show the firm obtained 11 legitimate Cryptopunks, which are collectively worth an estimated $784,000.
The trading platform purchased seven different Art Blocks Curated, which have an estimated value of around $1.47 million on Jan.20, 2023.
Alameda and now the liquidators own 81 land NFTs from The Sandbox, which are collectively worth an estimated $155,000.Alameda obtained two Otherdeeds as well, which are now worth around $25,000, and 12 different Meebits, which are valued at an estimated $88,000 today.A great deal of blue-chip NFTs can be found in the ETH address “0xca4.” That specific wallet holds some of Alameda’s most valuable NFTs, including the Otherdeed land titles and two Mutant Ape Yacht Club (MAYC) NFTs worth roughly $50,000 in combined value.
Larry Cermak’s Alameda address list highlights approximately 29 different Ethereum addresses.Furthermore, Arkham Intelligence data indicates that there are 68 addresses tied to the quantitative trading platform Alameda Research.Out of the large swath of Alameda addresses, a decent handful of the wallets own NFTs.
Most of these wallets are assumed to be controlled by the FTX bankruptcy team and liquidators.Just in tokens alone, Alameda’s 68 tethered Ethereum-based wallets indicate a net value of around $189.12 million.Tags in this story Alameda Research, Art Blocks Curated, Bankruptcy, Blockchain, Blue-Chip NFTS, controversy, crypto assets, crypto-art, cryptopunks, Digital Assets, Digital Collectibles, Digital Identity, digital ownership, digital rights, ENS, ERC1155, ERC721, Ethereum, Ethereum Name Service, ftx, Land NFTs, liquid assets, Meebits, Metaverse, NFT marketplace, NFTs, Non-fungible tokens, Otherdeeds, Ownership, quantitative trading, Scarcity, Securities, tokenization, Value, virtual goods, Virtual Worlds, Wallet What do you think about Alameda’s involvement in the NFT and ENS name markets? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial credit: Arkham Intelligence visualization, Dune Analytics, dappradar.com, Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Alameda Research Arkham Intel: Alameda Research liquidators incur losses worth… – Liquidators have reportedly lost at least $11.5 million since taking control of Alameda Research’s trading accounts, as per Arkham Intel.
– The total preventable loss has been estimated to be $4 million.Liquidators reportedly lost at least $11.5 million since taking control of Alameda Research’s trading accounts, as per a tweet by Arkham Intel on 17 January.TWO revelations both stem from a single wallet, 0x997.1) Liquidators have incurred over $4M in preventable losses to Alameda DeFi positions.2) Alameda was short at least 8 figures of $ETH into the insolvency of their own firm on November 8th.Read on for more.
pic.twitter.com/lHyBpEd1tE — Arkham (@ArkhamIntel) January 16, 2023 What’s going on with Alameda Research? As per the tweet above, one wallet under liquidators’ control had a string of “significant losses” due to liquidations, some of which could be avoided.When the liquidators first took control, the account ending in 0x997 had a short position of 9,000 Ether [ETH] ($10.8 million) against a collateral of $20 million in USD Coin [USDC] and $4 million in Dai [DAI], with a net balance of $15.2 million.Arkham Intel stated that after nearly two weeks of liquidations, the account’s current value was $1.1 million short Ether against $1.4 million USDC, with a net balance of $300,000 at the time of the tweet.On 29 December 2022, Alameda wallets transferred $7 million in USDC and $4 million in DAI from the decentralized crypto lending platform Aave [AAVE] to an Optimism [OP] L2 account, 30 hours after liquidators began moving assets out of Alameda wallets.This withdrawal of funds is thought to have put the position at high risk of liquidation, resulting in the sale of $11.4 million in USDC to liquidation bots on Optimism, while the Aave treasury took another $100,000 in USDC as liquidation tax.If liquidators had used a function to immediately close the position by selling off collateral rather than withdrawing collateral from the wallet, at least $15 million could have been saved instead of the $11 million recovered.Preventable Losses worth $4 Million This thus amounted to $4 million in preventable losses.
Additionally, on 12 January, Alameda Research liquidators lost crypto assets worth $72,000 while consolidating funds into a single wallet on Aave.This resulted in the liquidation of around 4 WBTC, $72K at current prices.When positions are forcibly closed on AAVE, a penalty is also slashed from the liquidated collateral.The liquidators, themselves, were liquidated.Are they in over their heads? pic.twitter.com/ALjFnj7S56 — Arkham (@ArkhamIntel) January 12, 2023 The liquidators tried closing a borrow position but accidentally removed the additional collateral, putting the assets at risk of liquidation.The loan got liquidated twice over nine days, resulting in a total loss of 4.05 Wrapped Bitcoin [WBTC] which the creditors cannot recover.The Bitmex co-founder, Arthur Hayes, criticized Sam Bankman-Fried, the disgraced FTX co-founder, on Friday after Bankman-Fried published his first blog post on his new Substack newsletter.
“All this talk about what Alameda did is misdirection,” Hayes insisted.“It doesn’t matter how they hedged or didn’t hedge, or what dogsh** was in their portfolio.” Bitmex Co-Founder Accuses Former FTX CEO of Avoiding Transparency Arthur Hayes, co-founder of the cryptocurrency derivatives platform Bitmex, criticized Sam Bankman-Fried, former CEO of FTX, following a recent blog post.In the blog post, Bankman-Fried said “Alameda failed to sufficiently hedge its market exposure” and “an extreme, quick, targeted crash precipitated by the CEO of Binance made Alameda insolvent.” Hayes, a prominent member of the cryptocurrency community, has significant knowledge about cryptocurrency derivatives exchanges, as Bitmex was one of the largest since its inception in 2014.“The exchange should never lose money if a customer gets liquidated,” Hayes tweeted on Friday.
“There is no excuse [for] giving [your] hedge fund Alameda an account with liquidation turned off.All this talk about what Alameda did is misdirection.It doesn’t matter how they hedged or didn’t hedge, or what dogsh** was in their portfolio,” the Bitmex co-founder added.
Hayes then told Bankman-Fried if he truly wanted to explain what happened, he should tell the community why he thought it was a good idea to give his hedge fund an account with the liquidation feature turned off.
Former Alameda CEO Caroline Ellison’s statements explain that she fully “understood that executives had implemented special settings on Alameda’s FTX.com account that allowed Alameda to maintain negative balances in fiat currencies and cryptocurrencies.” Alameda’s Negative Balance Account: An Enigma Wrapped in a Mystery Furthermore, Bitcoin.com News reviewed a document that allegedly belonged to Ellison that shows the former Alameda CEO had a leveraged FTX trading account that was in the red by negative $1.3 billion in May 2022.Hayes emphasized that if Alameda was removed from the equation through a legitimate liquidation, Bankman-Fried’s now-defunct exchange could still be operational.“If you had liquidated Alameda like any other FTX punter, FTX would still be operational.It’s just that simple,” Hayes tweeted.
The Bitmex CEO added: So stop talking about Alameda and tell us how you approached risk management at the FTX level.Why were some clients treated differently than others.
I am keen to understand why you thought turning off liquidation on a $bn notional position was prudent.Many people responded to the Twitter thread written by Hayes, and one person wrote: “Users paid for Alameda’s negative account equity.
Shameful.” Others repeated Hayes’s sentiment, saying “it really is just that simple.” “It’s really the most basic question SBF keeps skirting around.At least he said he was sorry,” another person added.Tags in this story Account, alameda, Alameda Research, Arthur Hayes, BitMex, Bitmex Co-Founder, Bitmex Exchange, Blog Post, cautionary tale, Clients, co-founder, comments, community, Cryptocurrency, customer, derivatives, Enigma, Former FTX CEO, FTX Exchange, hedge fund, hedged, insolvent, Liquidation, misdirection, Mystery, Negative Balance, newsletter, not liquidating, platform, Portfolio, risk management, Sam Bankman-Fried, Substack, thread, Transparency, Twitter What are your thoughts on the criticisms shared by Bitmex Co-Founder Arthur Hayes against former FTX CEO Sam Bankman-Fried? Share your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.As the FTX bankruptcy case and fraud charges against co-founder Sam Bankman-Fried continue to unfold, the value of the exchange’s token, FTX Token (FTT), has seen significant growth.
Since Jan.
9, 2023, FTT has risen 28.42% and currently sits above the $1 range, following a dip below that threshold.FTT Token Jumps 28% Rising Above the $1 Threshold The value of FTX’s exchange token, FTT, has seen a marked increase over the past two days.On Jan.9, 2023, the coin reached $1.36 per unit.While some of those gains have been lost, FTT is currently holding above the $1 range at $1.22 per coin as of 9:30 a.m.Eastern Time on Jan.
11, 2023.
The reason for this surge in value is uncertain, as FTT’s tokenomics are tied to the now-defunct FTX exchange and its potential future growth.FTT’s levels of ownership concentration are extremely high, with a single address controlling 59.55% of the entire FTT supply.Additionally, an unknown hacker holds 45.85 million FTT tokens, comprising 13.94% of the circulating supply.Another unknown address holds 10 million FTT, or 3.04% of the total supply.
FTT’s value fell below the $1 range on Dec.19, 2022, and remained below that threshold until a spike on Jan.9, 2023.The most active crypto exchanges trading FTT currently include Binance, Mexc Global, Kucoin, Gate.io, and Sushiswap.
On Sushiswap alone, there is roughly $104,496 in FTT trades paired against wrapped ethereum (WETH).The overall global trading volume for FTT is approximately $23.81 million among all exchanges worldwide.Since the FTT token’s all-time low 12 days ago on Dec.30, 2022, when it reached $0.827 per unit, it has risen 45.8%.However, it remains 98.6% down from its all-time high of $84.18 per unit reached on Sept.
09, 2021.With Sam Bankman-Fried (SBF) facing charges of financial fraud and FTX filing for bankruptcy, the future of FTT is uncertain.Despite this, the token has not experienced the same sharp decline as Terra’s LUNA did last May.FTT’s tokenomics were closely tied to those of FTX, including providing traders with reduced fees on the now-defunct crypto exchange, and now the coin’s tokenomics are in disarray.FTT is among many crypto assets that have managed to survive despite a lack of development or clear tokenomics.
It has now become something for traders to speculate on as a hobby, and in light of the ongoing scandal involving SBF and FTX, it is difficult to view it seriously.Tags in this story alameda, Alameda Research, Altcoins, Binance, Concentration, dead coin, disarray, Exchange Token, Fork, FTT, FTT Below $1, FTT Crash, FTT Market Crash, FTT Price Dump, FTT Pump, FTT slides, FTT Supply, FTT whales, ftx, FTX Bankruptcy, FTX collapse, FTX Token, FTX’s collapse, hobby, IEO, KuCoin, LUNA, Sam Bankman-Fried, Sam Bankman-Fried (SBF), sbf, speculate, Sushiswap, Terra collapse, tokenomics, toy coin, Traders, whale concentration, Wrapped ethereum (WETH) What do you think about FTT’s market performance amid FTX’s bankruptcy case and the fraud charges against FTX’s co-founder Sam Bankman-Fried? Let us know what you think about this subject in the comments section below.
Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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