A wallet controlled by the FTX bankruptcy estate has received several tranches of the Arbitrum (ARB) airdrop from wallets linked to Alameda Research, on-chain data shows.

According to Arbiscan, a block explorer for layer 2 blockchain Arbitrum, the wallet now holds 33,125 ARB tokens worth around $42,000 at press time.

The wallet also holds $10 million worth of USD Coin (USDC), almost $3 million of wrapped BTC (WBTC) and $4 million of Ether (ETH), all of which have been consolidated from the same Alameda-linked wallets since Nov. 13, two days after FTX filed for bankruptcy.

All held tokens are on the Arbitrum blockchain, a network on which Alameda has been active since 2021 by providing liquidity to protocols like Sushi and Stargate Finance.

After airdropping its early users with 1.275 billion tokens, Arbitrum has a market capitalization of $1.6 billion as the token trades at $1.27, according to CoinMarketCap.

The FTX bankruptcy estate has been attempting to consolidate various tokens and investments in the past few weeks, it filed a motion on Wednesday that will see it recover $460 million, including $404 million in cash, from little-known Bahamian hedge fund Modulo Capital.


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Dogwifhat price pumps 5% ahead of possible Coinbase effect

Dogwifhat price pumps 5% ahead of possible Coinbase effect

Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.

More Dogwifhat News

Runes likely to have massive support after BRC-20 and Ordinals frenzy

Runes likely to have massive support after BRC-20 and Ordinals frenzy

PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.

More Cryptocurrencies News

Ethereum shows firm support at key level as its correlation with US indices increase

Ethereum shows firm support at key level as its correlation with US indices increase

Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.

More Ethereum News

Mango Market attacker convicted of fraud and market manipulation

Mango Market attacker convicted of fraud and market manipulation

Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP