Alameda Research Converts Its Altcoin Holdings Into Ethereum

• Alameda has converted a ton of altcoins in their holdings to Ethereum.
• The firm still has more than $112M worth of different crypto in its possession.
• It is unknown who is responsible for the transactions.

Alameda Research, which is owned by Sam Bankman-Fried and is embroiled in disputes, has changed a number of tokens worth of altcoins that it holds into Ethereum. This comes at a time when the company’s owners are facing criminal accusations connected to the failure of its sister company, FTX both of which were operated by SBF.

One of the blockchain gumshoes, Martin Lee, a data journalist at Nansen, was one among the people who pointed out that there is plenty of activity happening around Alameda wallets.

According to reports, this took place in the late hours of Tuesday evening, with a variety of Ethereum-based tokens being consolidated into two primary wallets, which were then exchanged for Ethereum (ETH) and Tether (USDT).

In light of these transactions, experts claimed that Alameda Reserach still has more than $112 million worth of different cryptocurrencies in its possession, a decrease from the $140 million it had in the middle of November.

Surprisingly, it is unknown who is responsible for the transactions. However, experts believe that those involved in the liquidation sold less stable assets and bought more stable ones in order to keep creditors’ funds intact.

On the other hand, the information`s timing occurs only a few days after FTX founder Bankman-Fried, better known as SBF, was freed on bail as part of an accord from the $250 million bond.

The grand jury indicted Bankman-Fried with eight crimes, which may have included the misappropriation of clients’ funds in FTX. This led to the collapse of the cryptocurrency exchange, as reported by the US District Court for the Southern District of New York.