Blockchain safety agency PeckShield recognized three wallets that transformed 63,860 staked Ethereum (stETH) — roughly $90 million — to Ethereum (ETH) when the stETH/ETH peg dropped to a month-to-month low between Might 2022 and June 2022.

The agency stated the three wallets withdrew the stETH from FTX, transformed it to ETH, after which transferred the funds again to the trade. It added that these transactions could be linked to FTX founder Sam Bankman-Fried (SBF).

The wallets’ transactions

When stETH/ETH dropped to $0.971 on Might 13, 2022, “0x6b92” withdrew 15,000 stETH — value $23.4 million — from FTX, swapped it for 14,300 ETH, and transferred it to FTX.

Two different wallets would perform comparable transactions when the stETH/ETH peg widened to $0.955 on June 11, 2022.

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

Alameda Analysis connection

A director at Coinbase, Conor Grogan, tweeted that two wallets withdrew over $75 million stETH from FTX on June 8, 2022, and offered all the pieces available on the market.

This transfer triggered a collection of occasions that finally affected bankrupt crypto lender Celsius and crypto hedge fund Three Arrows Capital, based on Grogan. He identified that the stETH depeg “led to a major stress available in the market,” including that the crypto lender halted withdrawals simply 4 days after the occasion.

“Alameda may have processed this commerce OTC on behalf of Celsius or one other massive social gathering.”

The beforehand unknown wallets grew to become public after they despatched ETH and stETH to the bankrupt trade’s property in January, based on Grogan.

Nevertheless, the motive behind the swaps stays unknown. Alameda took a seven-figure slippage on the commerce, which raises questions as to why the savvy crypto buying and selling agency will make such a transfer, based on Grogan.