🔍Nansen analysts examined events leading up to the collapse of FTX, including the transfer of $4.1 billion in FTT tokens between the exchange and Alameda Research. The Nansen report highlights the close ties between the companies founded by Sam Bankman-Fried. The former head of FTX makes his first appearance in court.
- The collapse of FTX is associated with reports of a 40% share of Alameda assets ($14.6 billion) in FTT tokens in September 2022.
- Nansen analysts noticed questionable interactions between FTX and Alameda prior to these reports: Alameda sent $4.1 billion in FTT tokens to FTX and $388 million in stablecoins.
- Blockchain data shows that FTX and Alameda controlled about 90% of the total FTT token supply, allowing them to maintain each other's balances.
- Alameda likely sold OTC FTT tokens and used them as collateral for lending from cryptocurrency companies.
- The collapse of Terra/LUNA and the bankruptcy of 3 Arrows Capital may have led to liquidity problems at Alameda due to the fall in the value of FTT, leading to a hidden $4 billion loan from FTX.
- Blockchain data also shows that Alameda would not have been able to honor the offer to buy FTT tokens from Binance for $22 on November 6th after the Binance CEO announced the sale of its tokens.
- The collapse of FTX is associated with reports of a 40% share of Alameda assets ($14.6 billion) in FTT tokens in September 2022.
- Nansen analysts noticed questionable interactions between FTX and Alameda prior to these reports: Alameda sent $4.1 billion in FTT tokens to FTX and $388 million in stablecoins.
- Blockchain data shows that FTX and Alameda controlled about 90% of the total FTT token supply, allowing them to maintain each other's balances.
- Alameda likely sold OTC FTT tokens and used them as collateral for lending from cryptocurrency companies.
- The collapse of Terra/LUNA and the bankruptcy of 3 Arrows Capital may have led to liquidity problems at Alameda due to the fall in the value of FTT, leading to a hidden $4 billion loan from FTX.
- Blockchain data also shows that Alameda would not have been able to honor the offer to buy FTT tokens from Binance for $22 on November 6th after the Binance CEO announced the sale of its tokens.