3 SBF-related wallets swapped $90M stETH for Ethereum at height of market depeg

Blockchain information steadfast PeckShield identified 3 wallets that converted 63,860 staked Ethereum (stETH) — astir $90 cardinal — to Ethereum (ETH) erstwhile the stETH/ETH peg dropped to a monthly debased betwixt May 2022 and June 2022.

The steadfast said the 3 wallets withdrew the stETH from FTX, converted it to ETH, and past transferred the funds backmost to the exchange. It added that these transactions mightiness beryllium connected to FTX laminitis Sam Bankman-Fried (SBF).

The wallets’ transactions

When stETH/ETH dropped to $0.971 connected May 13, 2022, “0x6b92” withdrew 15,000 stETH — worthy $23.4 cardinal — from FTX, swapped it for 14,300 ETH, and transferred it to FTX.

Two different wallets would transportation retired akin transactions erstwhile the stETH/ETH peg widened to $0.955 connected June 11, 2022.

Peckshield said wallets “0x1b23” and “0x2e85” cumulatively withdrew 49,000 stETH worthy $66 cardinal from FTX, swapped them for 42,000 ETH, and returned the funds to FTX.

Alameda Research connection

A manager astatine Coinbase, Conor Grogan, tweeted that 2 wallets withdrew implicit $75 cardinal stETH from FTX connected June 8, 2022, and sold everything connected the market.

This determination triggered a bid of events that yet affected bankrupt crypto lender Celsius and crypto hedge money Three Arrows Capital, according to Grogan. He pointed retired that the stETH depeg “led to a important accent successful the market,” adding that the crypto lender halted withdrawals conscionable 4 days aft the event.

“Alameda could person processed this commercialized OTC connected behalf of Celsius oregon different large party.”

The antecedently chartless wallets became nationalist aft they sent ETH and stETH to the bankrupt exchange’s property successful January, according to Grogan.

However, the motive down the swaps remains unknown. Alameda took a seven-figure slippage connected the trade, which raises questions arsenic to wherefore the savvy crypto trading steadfast volition marque specified a move, according to Grogan.

The station 3 SBF-related wallets swapped $90M stETH for Ethereum astatine tallness of marketplace depeg appeared archetypal connected CryptoSlate.