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According to recent reports, some Ethereum (ETH) and steTH transactions made between May and June 2022 using FTX-connected wallets resulted in a depeg and ultimately contributed to the failure of several cryptocurrency projects.
Famous platforms Peck’s shieldwho specializes in blockchain investigation, audit, and security, found this out.
In a recent tweet, Peck Shield revealed three unidentified wallets linked to the now defunct FTX exchange. The three wallets moved significant amounts of Ethereum (ETH) and stETH from other wallets between May and June, according to the analysis.
#PeckShieldAlert We have detected 3 unknown wallets that attracted 63,860 $stETH (～$90 million) from FTX, exchanged for $ETH, then transferred to FTX when the price of stETH/ETH dropped to monthly lows during May & June. It appears that SBF may be related to this transaction pic.twitter.com/VFrdZGgopk
— PeckShieldAlert (@PeckShieldAlert) January 30, 2023
The wallet pulled 63,860 stETH, or nearly $90 million, from the defunct FTX exchange and converted it to Ethereum (ETH). When the “stETH/ETH price” fell to monthly lows in May and June, the three wallets then exchanged $stETH for ETH and then transferred Ethereum (ETH) back to FTX.
SBF and Alameda are linked to the operation
It should be noted that swap and transfer activities are reportedly carried out by Sam Bankman-Fried, former CEO of a collapsing cryptocurrency exchange network.
“It appears that SBF may be related to this transaction,” Peck Shield confirmed.
According to the Peck Shield chart, the money was transferred from one wallet and divided into two, one containing 22,855 stETH ($35.6 million) and the other 19,998 stETH ($31.1 million).
When the steTH/ETH ratio dropped to 0.971 on May 13, wallet 0x6b92 attracted around 15k stETH for a total of $23.4 million. As a result, this wallet converts stETH back to the usual amount of ETH, which is around 14,300.
Wallets “0x1b23” and “0x2e85” then withdrew 49,000 steTH. According to Peck Shield, the two pulled in $66 million worth of STETH. The wallet exchanged steTH, bringing in a little over 42,000 ETH.
Conor Grogan, head of product at Coinbase, has reported more information indicating withdrawals and staked ETH and steTH exchanges should be the main reasons why some well-known crypto platforms, such as Three Arrows Capital and Celsius network, failed.
On 6/8/22, 2 mystery wallets pulled in $75M+ steTH from FTX
They then proceeded to sell everything on the market, starting the “de-peg” event which is seen as one of the factors in Celsius’ bankruptcy and 3AC’s demise.
We know today that SBF/Alameda is behind this sale pic.twitter.com/nRv9ev4VoM
— Conor (@jconorrogan) January 29, 2023
It also stated that Alameda or Sam Bankman-Fried (SBF) responsible for this unexpected sale.
Conor Gorgan also mentioned two transactions on July 8 worth 22.8K and 19.9K stETH. After the transaction, the stETH depeg was triggered, causing some severe market pressure.
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