We should all know that billionaire Sam Bankman-Fried owns two main businesses that make up his empire: FTX (his exchange) and Alameda Research (his trading firm). A few days ago, Alameda's balance sheet information came into the public eye. And it either has some interesting curious points of note or some serious new flags, depending on who you ask.

Alameda owns assets that amount to $14.6 billion. Now, the single largest asset is $3.66 billion of “unlocked FTT.” and the third-largest, $2.16 billion pile of “FTT collateral". This means that just about 40% of the value of Alameda is made up of FTT tokens. The problem is that FTT token(FTX exchange token) is controlled and managed centrally by FTX, such that they may print it out of thin air at their whim and fancy. And since SBF owns both companies he can easily sell or loan at extremely favourable rates, if not outright gift tokens likely indirectly though another company or a loan that is never paid back, from FTX to Alameda (or basically give tokens from himself to himself) and balloon Alameda's asset value for basically nothing.

You may think that FTX excessively printing tokens is a suicide pact as it would drive the token price down and supply increases, but you would be wrong. Think about how burning works. Token burns generally increase token value by reducing the supply that is available on the market, as burnt tokens still 'exist', but are simply inaccessible. In the same way SBF and FTX can print however many tokens they so desire and it wouldn't affect price as long as those tokens don't hit the market, and they don't need to.

See SBF and Alameda can simply receive FTT tokens from FTX basically for free, and then take a loan against these tokens. In this way, the multitude of FTT tokens they print for nothing never hits the market and never negatively affect the price, however each of those tokens still hold their market value allowing SBF and Alameda to borrow against those FTT tokens and get...basically free money.

What lends strong credence to this is that on June 30th, Alameda's FTT token asset value was $6.1 Billion in FTT tokens but the circulating supply is only $3.6 Billion. Looks like somebody is printing tokens but not putting it on the market.

Now going back to their balance sheet, Alameda has 2.16 billion in 'FTT collateral'. This implies Alameda has gained $2.16 billion in loans where they used FTT tokens as collateral. They too have a further 3.66B in free FTT tokens to obtain another multi-billion dollar loan if they so choose. They also have 292 million in 'locked FTT'. Interestingly, the 'locked FTT' tokens are conservatively treated at 50% of their fair value, meaning that Alameda has cut their FTT liabilities(what they owe) in half with this simple accounting trick.

Of course, owners of FTT tokens gain massive discounts when trading on FTX. Just another gift from SBF's right hand to his left. Now we know how volatile prices and token holdings can be. Roughly estimating the token amounts held by Alameda on the timeframe the balance sheet info is dated reveals that Alameda alone and not FTX holds about 75% of total supply. I say total supply and not circulating supply. This is based on FTX's own FTT token data. As to why Alameda holds the majority and not FTX, it is probably a lot easier for Alameda to gain loans against these tokens(using them as collateral) than FTX since many lenders would be unwilling to lend to FTX knowing they have complete control over the token. This could be bypassed using Defi loans but is almost certainly an issue for Cefi loans that SBF may want. But for Alameda to solidly own somewhere between 70-80% of FTT tokens raises some HUGE red flags. If this doesn't validate many of the concerns I outlined above, I don't know what will.

EDIT: All of this also very much explains that in SBF's and FTX's $1.4 Billion purchase of Voyager, of that amount is actually cash.

Research Sources:

Today the Sam Bankman-Fried trial started.

SBF "allegedly" stole BILLIONs from investors, FTX customers, and exchanges.

I was devastated when hackers stole my 84k+ MOONs + another 300K. I can't imagine what those who lost MILLIONS must be going through.

A number of Alamada Research/SBF wallets have been identified that will be brought up in this court case.

However, I believe at least one wallet will NOT be mentioned that should be.

The Case

While the SBF case is going on, I'm making my own case for identifying a previously unknown SBF/Alameda Research Wallet.

The wallet in question is 0x3E8e470972291783a91de529454d366349810425

Let's begin!

In addition to countless FTX, FTX US, and Alameda interactions, I noticed the last txn of 0x3E8e470972291783a91de529454d366349810425 was on 10/1/22. The timing is odd as that is about a month before the fallout of FTX began.

I went back to look at SBF's tweets around that timeframe to see if I could find anything of interest.

The SBF 9/28/22 Tweet

The Fall of FTX and SBF

We know the timeline of events leading up to the collapse. Below is a summary of events in 2022.

• Nov. 2: Coindesk starts the chaos with an article outing FTX's reserves.

• Nov. 6: Binance liquidates all FTT tokens, aka the infamous CZ tweet.

• Nov. 7: FTX announces a liquidity crisis and looks for a bailout.

• Nov. 8: Binance says it will buy FTX’s non-U.S. business.

• Nov. 9: Binance walks away from FTX acquisition.

• Nov. 11: SBF steps down while FTX files for bankruptcy.

• Nov. 12: FTX reports a hack, over 415M in assets allegedly stolen.

• Nov. 18: The Bahamas takes control of FTX assets.

• Dec. 12: SBF is arrested and later extradited to the U.S.

• Dec. 22: SBF is released on a $250 million bond.

Looking at SBF's tweet on 9/28/22, there's definitely smoke signals of impending doom. The commenters also brought up their concerns on his tweets. Here's a few of my favorite replies:

The Connection to SBF/Alameda Research

Could the wallet in question 0x3E8e470972291783a91de529454d366349810425 be one of the wallets to get "rotated"?

I'm showing the most INCOMING interactions are coming from the known FTX Hot Wallet of 0x2FAF487A4414Fe77e2327F0bf4AE2a264a776AD2 and various known Alameda Wallets.

I listed below the known Alameda Wallets 0x3E8e470972291783a91de529454d366349810425 is interacting with. I'm sure there's more here but here's the top 10 I found based on amounts

• 0x93C08a3168fC469F3fC165cd3A471D19a37ca19e [1 interaction - 50M]

• 0x97137466Bc8018531795217f0EcC4Ba24Dcba5c1 [32 interactions - 241M]

• 0x7f62C250A1c01283b97CD3C30e1201bfcdca4333 [1 interaction - 22.97M]

• 0x964d9D1A532B5a5DaeacBAc71d46320DE313AE9C [17 interactions - 83.23M]

• 0xe5D0Ef77AED07C302634dC370537126A2CD26590 [2 interactions - 17.76M]

• 0x4deB3EDD991Cfd2fCdAa6Dcfe5f1743F6E7d16A6 [6 interactions - 38.1M]

• 0x36B6da70eC8e07A6BF279B802b67C6390B79905F [9 interactions - 59.82M]

• 0xFa453aec042a837e4AEBbADAB9d4E25B15FAd69D [202 interactions - 517.97M]

• 0xd267EbADc2B167e38F2af7d693A96D1E0665F3Cd [2 interactions - 12.36M]

• 0x7578E676B3706aa65A4d7B9BD621922a305552Db [4 interactions - 16.25M]

Additional Wallets of Interest

The below wallets are very interesting. Most appear to be intermediary wallets to deposit into Coinbase, Circle, or Three Arrows Capital. However, there could be some additional SBF/Alameda Research entities in here.

All of these wallets have a single transaction ranging from 21.87M to 2.81M. There's more below 2.81M but I wanted focus on the larger transactions.

• 0x9e49B69c3F7d2040469734C58eA6947E82A6df65

• 0x6c45206b57bbf014e51334989a93094C6DE98b00

• 0x0c0EEF26dCDacCA7Eb9DA4973E4B9917A8c9dAe0

• 0xE8F7f585C8A36044f21e9901d7cf4ADE8eeD205D

• 0x26EAC8106Ab158f863A45639b21f6D71c0b94524

• 0xa05C18FC47f13279A3e520638497A26818184965

• 0xEd469A031377756DB51823Dc3A229085625A0E72

• 0x25D515B63CdB30eED546dDb959139537518F4387

• 0x7C5afB076847e52a24108ce29c727e15d7720969

• 0x8575F0f48f092999AFA52e23E195c937e516096B

• 0x9EAcd1Fcd1fAe558949f133e9E4338B9A4E22669

• 0x344AD2Ec8909dC02Fe2abe97E3F4B8A15fC1D992

• 0x77C5991d6C5A380cc34A8fA0EfebB25768681116

• 0x838E5D8DaDA0d5EDDC12920E30F45BacdE53F335

• 0xDE5268b0b9ea7ec56FEa041C139B16Af02221C97

• 0x057c7e252111f18df2dB409868F55e6FB6910D45

• 0xa7770c2D5D620b4bD3104F96A0Cc4005e32bb166

• 0x832fADeE46a1ea95ff7D01973062129Bd16028cD

• 0x01aBE88f3263B1Bcd0e4f4F044Bc18aF1D8E5510

• 0x61F6498f3ACbAa39de662850A2F5F7EF7b68eB2D

• 0x06aC428afc228AA9C29c0E3d3204DD6e27F82DD5

• 0x3232f80c3aB3bAC7197B74bf63E6CFf6F3093116

• 0x46e0AfC50704dAcb36086fe0263938372A6e99a3

• 0x88439264f84418281DfeE5BAaE78bC21f5d77303

• 0x8C39918dCBD4Ba1eCa0B6bcbFe0Fa0794A1ED2d5

• 0x0b87Cc5B1f8f209867C0E13370Dd6659c455aE04

• 0x63B63CdF07258D5F241f0159A4443e1BeF40C6A5

• 0x1098Ae6D4b4f6A585AA67A6dBb33898C6C3fb409

• 0x7dE0d321C67Cbb57FF56dc40A6922B402FFc8592

• 0x8B16D356E3660A3cAe0581929b8877A34f476339

• 0x88F2784479491159E608d2e85bdEDB0dC7E97Eff

• 0x4BcE57df90F04b5988E364c492BD093c15e88A7e

• 0xEDA1853B69BAb688a800A0e49043446d0242D906

• 0xBf83109ada3BE38407fd46c5c86f46a291cB2b4b

• 0xEFD34A3172341157F5445eb0D6252139Fc6fC1F4

• 0x704785ea1B7E19EE6D41f3eEd909f2F994CE6861

• 0x3B6b2a8D6a255450406461CAe9D4c5FDE053BcC7

• 0x76284c4ddF45AA44D302Ce53C26951Cf716E033E

• 0xFea910208EA0A5e2717CAD7e0D91e32D77BDfb49

• 0xA23a3BeE28b063120718142B247E189501d8955E

• 0x6B723906cB459fAC39741c0871c6151FFA03380e

• 0x85F9A571480a926e198d2bA3f1B0227E7Ff9BB48

• 0x23f152fbcfA3C375C83dCFEBa26eebfF122FacdC

• 0xD043f8Ae495e56BEF4D084e7825B04d097B6Db1e

• 0x14be98F04F1d67370be567aB2905A1e20001e7f3

• 0x4dAE2D0207135aD8Df03D97dc3538000792f33B0

• 0xbCAe94A2B3EfCb91A54EDe866010F872abf30098

• 0x25a734C353a328B4f5418F0E97d88116520242d7

• 0x3beAC0373e30049ce832270ec0CE97B5266D1096

• 0x40788345Ca8E8226f793afE53d4fea0E77BC8e99

• 0x4b68C9e4c44f3bC65cbE584ee0cDe5Eb101Ba437

• 0x5e2602EdC7D741f87777744147e025E2b7c01350

• 0x40d7b7AAF7DB32b331AC13d083a32528120680F4

• 0xdA485204284D5aA011B604201daEC6714BC76B24

• 0x0d27C18C1ae07c07F564c7966897B3CE456a86e5

• 0x0aCE8C1bF697be7CecC9220d6F499aB3AF25c8B4

• 0x2ef7499DCd0519a75551e075BF741C80A3CFeB54

• 0xa5c4Dd421E3cD97d9A2A222BF1f547DA9aAFF8cA

• 0x38Bc3fb7ee87979F384C53abb4246a5fC3DBb569

• 0x16108Da357465356057B22437da94A82Af2fE1D2

• 0x54bd65B854D3cDC0f5be31B246c4b49c81Ba2bC3

• 0x91b271B981b58c88DaD7Bcc0feC677519adB66A7

• 0xe67541fBdADEC739FdF0C6385E1a19d94AA8D345

• 0x2a0c6A11ED2B1976a009C247d14f690AE73092AA

• 0xC47768C3d35F68118107Bdf799bC67DdD0D6bd9a

• 0x64b68648D6eB22FF48cb2135530B76D13FE5cBaf

• 0x35B5311c290e477D37Af2b0E151Bb0a482B28F92

• 0x26fAB4D9fB8F18BdD9041D2E5c3F9660471Ac083

• 0x285B724831C9C7459936F91612F63BEe6ab69751

• 0xCe410eA2C057848512AeBB621ecEA7b35bb4Ebf7

• 0x89ffC2E576675C5e2fe6daB6b15c8FAe92948f10

• 0xa708B2475D0d8751bA4209752376382590447eac

• 0xc9e1EC9cF5dE4cDC98b096E464839F1695A36C71

• 0x6e54e03Eb005c89e4Cf22c92716dc4f22cd49048

• 0x562db87A72abF554f8FBc232B8463D1E043D7b7F

• 0x8a8B58A12fdB5a6E3889e21A998Cd6D526321689

• 0xc908754c2331EFB8f16CfaA6C439ccb13a30e1e6

In conclusion

This is my case and I'm sticking to it! The research is all my own.

It's my belief that 0x3E8e470972291783a91de529454d366349810425 is an unidentified Alameda Research wallet. This wallet appears to only do transactions in USDC and ETH. No other tokens were used in any of the transactions.

If I'm in the wrong here or completely miss-identified this wallet I have 0 problems with you making your own case, against me!

So I was looking through the list of top Amp wallets, and I happened to notice that Alameda Research has a wallet listed there. It's on page 11, and it's easy to spot because it's their name, not a long string of characters.

No clue if they have any Amp staked, which wouldn't show in the list. No clue if they have other wallets where you can't see the name. No clue what they'll do with them. Not meant as FUD, info only.

When the sub was talking about the FTX debacle earlier, someone said they didn't think Alameda invested in Amp, but now we know they have at least 4.15M.

Let me get this straight, he sent customer funds to alameda then took some from that to buy shares, why can’t they just say, SBF used customer funds to buy robinhood shares??