Genesis Block customer funds sent directly to Alameda accounts before FTX fall out
According to a new report from Dirty Bubble Media’s Mike Burgersburg, there is data suggesting that customer funds sent to the Genesis Block were processed and received by Alameda. Burgersburg recently provided an important insight into this area. flawed Tokennomics of FTT tokens on FTX prior to CZ’s decision to sell the tokens.
The Scoop: Blockchain evidence suggests that the Genesis block was at the forefront of Alameda research.
Customer transfers to the Genesis Block were sent directly to Alameda’s address. What kind of hedge fund was this?
Summary 👇 (1/)https://t.co/nVTmmCWnEy
— Dirty Bubble Media: Laundromat (@MikeBurgersburg) December 9, 2022
“In other words, the Genesis Block has never been more than the customer-facing nameplate that Alameda had the business behind,” said Dirty Bubble Media.
A former Genesis Block customer recently shared with Dirty Bubble Media over 20 transactions they made on the Genesis Block. As reported, in the past two years, customers sold Ether, Tether Stablecoin (USDT), and Circle Stablecoin (USDC) to the Genesis Block, and the Genesis Block wired the funds to their bank accounts. did.
After verifying their addresses after Genesis collapsed, customers discovered that all transfers were going to two wallets belonging to Alameda Research. Alameda 14 When Alameda 27.
Alameda initially funded upstream wallets to cover transaction costs in all cases. However, according to research, From April 2021 to November 2022, Alameda 27 processed over $13 billion in transfers, mostly in USDT, USDC, and Ether.
In contrast, the Alameda 14 has Transferred over $11 billion Since its inception in 2018.
It is unclear how many of these transfers are related to the genesis block, but some wallets follow the same pattern reported by previous sources.
Additionally, the total volume of this business was higher than reported, as the data included only Ethereum transfers, and the Genesis block’s business is primarily related to exchanging Bitcoin for cash. There is a possibility.bubble media reported
“Our findings suggest that Alameda was more than just a hedge fund. It acted as an OTC and payment processor for individuals in Hong Kong to exchange cash for cryptocurrencies.”
Alameda, Genesis Block, and FTX go hand in hand
Genesis Block and Alameda began trading “Kimchi Premium” in 2017 and attribute their initial success to that deal. report By Financial Times. Kimchi Premium was a scheme that took advantage of the price difference between Bitcoins in Japan, South Korea, and other countries. As a shareholder of the Genesis Block, Alameda also shared office space and leadership with the company.
Additionally, there was a deep connection to the genesis block and FTX. According to sources familiar with the matter, Genesis Block acquired his FTT tokens from FTX as part of an equity payment.
However, Genesis Block announced the closure of its trading portal and stopped accepting deposits last month, days after Bankman-Fried’s $32 billion FTX company declared bankruptcy.
