On February 7, wallets associated with the defunct company Alameda Research began sending and receiving FTX tokens, worth a total of millions of dollars (FTT). Activity on Alameda wallets after FTX’s bankruptcy filing has been a major source of concern for the cryptocurrency community, with many members of this community questioning the legitimacy of law enforcement authorities and means by which these wallets are accessed.

Brokenfish.eth, which is the address of an Alameda wallet, was used to receive over $2 million worth of FTT tokens from the BentoBox smart contract that was hosted on SushiSwap. The relevant smart contract functions as the ecosystem-wide vault for the entire Sushi decentralized payment system. Sam Bankman-Fried, who served as FTX’s previous CEO, has a relationship with SushiSwap dating back to 2020, when he succeeded Chef Nomi as the protocol’s lead developer.

Within the range of $1.86 and $1.87, the “Alameda Research 4” wallet bought more than one million FTTs, which equates to around $2.3 million. A loan position on Abracadabra was also formed using the wallet, and the loan is currently collateralized by 73,000 FTT and $31,000.

Many others saw the connection between the cash transfer and the current bankruptcy process and concluded that FTX’s court-appointed CEO, John Ray III, had authorized the transfer of funds. Ray III has not been shy about the fact that he wants to take control of the assets of the exchange, as well as those of its subsidiaries to pay the obligations of the exchange. The findings of FTX’s investigations led to the discovery of approximately $5.5 billion in liquid assets, more than $3 billion of which was owed to its top 50 creditors as of January 17, when the company made the announcement.

This was not the first time in February that money was transferred between wallets connected to the Alameda blockchain. Blockchain security company PeckShield issued a warning on Feb. 2 stating that “Alameda Consolidation” had acquired crypto funds totaling $13 million from three separate wallets.

The first is a cryptocurrency exchange that goes by the name of Bitfinex. An estimated 1,545 Ether (ETH) and around 6 million Tether (USDT) were transmitted, totaling approximately $8.5 million. The remaining anonymous individuals sent approximately six million United States Dollar Coins (USDC) to the location associated with the Alameda consolidation.