Try Quests to earn SOLAiling Alameda
Overview 👀 ~ 4 min read
In this dashboard, I will answer this question from Flipside Crypto:
Analyze what Alameda is experiencing. Rumors over the weekend began swirling that alameda research is on the brink of insolvency.
Observe net in and outflows of USD tokens from known Alameda or FTX accounts throughout different chains. Are they going somewhere specifically? Are there any signs of potential insolvency?
Introduction 💭
Alameda Research
A crypto trading firm launched in 2017 by Sam Bankman-Fried. Alameda Research made a fortune in crypto arbitrage by trading Bitcoin between the U.S. and Japan. In 2019, some of the profits were used to launch the FTX crypto exchange.
FTX
A cryptocurrency exchange headquartered in The Bahamas that caters to countries outside the U.S. Within the U.S., customers use FTX.US. Founded in 2019 by Sam Bankman-Fried and Gary Wang, FTX gained prominence when it acquired the Miami Heat's basketball stadium in 2021 and renamed it FTX Arena. In the same year, FTX acquired naming rights to the TSM e-sports organization, which was renamed Team SoloMid FTX.
Binance
The Binance Exchange is a leading cryptocurrency exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).
Methodology 🧠
To solve this question, I obtained all the Alameda and FTX contracts using the dim_labels table in both Solana and Ethereum, then I considered the entry and exit of USD Coin to these addresses.
I considered the last 1 month for this analysis
The tokens I checked as USD Coin include: ('USDC','USDT','DAI','BUSD','USDP','TUSD','cUSDT','PAX') For part of the review I did, I also used the dashboard of a friend named Carlos (if I'm not mistaken) to show the balance of FTX exchange addresses in the last 1 month. tnx ❤
Another point is that no matter what I did, I couldn't upload any photos for this dashboard, maybe it looks very colorless and soulful, but I was really receiving strange errors when uploading.
I even wanted to post some news about this incident, but unfortunately, no matter what I did, they were not uploaded
🕵️♀️ observations
- Observations show that the outflow of USD Coins has been increasing day by day in both chains since the last 1 month, and on November 6 and 7, the day when the CEO of Binance started selling his FTT tokens, the outflows became more and more heavy.
- In these 2 days, nearly 3 billion USD Coins have been withdrawn from the Ethereum chain, and nearly 1 billion USD Coins have been withdrawn from the Solana chain.
- The USD Coins token that had more output than the rest of the tokens was USDC
- It can be said that since November 6, most USD Coins have had more outflows
🕵️♀️ observations
- In the ethereum chain, the output destination of USD Coins from the Alameda addresses is very diverse, but the most visible destination is the destination of the Binance exchange.
- This topic is a little different in Solana chain, firstly, the destinations are limited, secondly, Gate.io is more visible this time, but still, on November 6 and 7, this trend has changed and it has become a coinbase exchange.
- Here, most of the volume of transactions is worth talking about, and in terms of numbers, an increase can be seen on November 6 and 7. So far, it seems that these two days have been challenging days for FTX/Alameda.
- However , While users have reported some delays on fiat currency withdrawals, FTX says that it is working through the backlog and they are still being processed. Bankman-Fried, who serves as FTX's CEO, took to Twitter early Monday to say that the exchange was far from insolvent and there is no risk of withdrawals being halted.
🕵️♀️ observations
- So far, we have concluded that there are many destinations in the Ethereum chain, and the most popular of them is Binance, and in the Solana chain, the most popular destination is Gate.io.
- If we look at the availability of FTX exchange addresses, USD Coins have lost all their liquidity in these addresses since November 6.
- This issue may be a bit worrying for users of FTX exchange
Conclusion 🎉
- From the past one month until now, the output of USD Coins in both chains has increased day by day.
- On November 6 and 7, the largest volume and number of USD Coins outgoing transactions can be seen, and most of this volume is USDC, and the destination of these exits is in the Ethereum chain of Binance exchange and in the Solana chain of Gate.io and coinbase exchange.
- Liquidity in the addresses of FTX exchange has decreased a lot, this issue can be worrying for users, and if it does not return to the first state, in my opinion, the trust of a group of users of this exchange may not return.
Appendix 🤝
The solution of this question and the queries are completely used from the filipside database
The construction of the dashboard was also used from the site
app.flipsidecrypto.com/velocity, which belongs to flipside