According to Arkham Intelligence‘s study, more than half of the assets moved after November 6 were in USD-pegged stablecoins. According to an investigation released on Nov. 25 by blockchain firm Arkham Intelligence, Alameda Research took more than $200 million from FTX.US before it filed for bankruptcy.

Arkham claimed in a Twitter thread that Alameda Research, FTX’s sibling business, took $204 million from eight distinct FTX US accounts in a range of crypto assets, the most of which were stablecoins, in the last days before the collapse.

Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.

Below is a diagram of withdrawals to Arkham-identified entities from FTX US.

n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO

— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022

Tether (USDT), USD Coin, Binance USD (BUSD), and TrueUSD were among the withdrawn money, accounting for $116 million, or 57.1% of the total (TUSD). According to Arkham’s study, $49.49 million (24.2%) of the money were in Ether, while $38.06 million (18.7%) was in Wrapped Bitcoin (wBTC).

“The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain,” Arkham explained, adding that $142.4 million, or 69% of the $204 million transferred, was sent to FTX International wallets, “suggesting that Alameda may have been operating to bridge between the two entities.”

FTX received $35.52 million in Ether transfers, while a major active trading wallet received $13.87 million. According to the business, it is “unknown if the almost 14M in ETH was moved to 0xa20 as part of a trade or as an internal financial transfer inside Alameda.”

Another $10.4 million was transferred to the competitor bitcoin exchange Binance.

FTX’s new CEO, John Ray III, described the situation as the worst he had seen in his corporate career in the initial bankruptcy filing to the United States Bankruptcy Court for the District of Delaware, highlighting the “complete failure of corporate controls” and a lack of trustworthy financial information.

On November 11, over 130 firms in the FTX Group filed for bankruptcy in the United States, including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research, due to a “liquidity crisis” caused by a series of tweets that spurred a sell-off of FTX Token.