Alameda Receives Genesis Block Customer Funds Before FTX Fall Out

According to tweet reports from Mike Burgersburg of Dirty Bubble Media, there was data indicating that customer funds sent to Genesis Block were processed and received by Alameda.

According to Dirty Bubble Media, a former Genesis Block customer recently published more than two dozen transactions. The customer has sold Ether, Tether stablecoins (USDT), and Circle stablecoins (USDC) to Genesis Block, which has wired the funds to their bank account over the last two years.

After Genesis failed, the buyer checked the addresses and found that each transfer had been made to Alameda Research’s Alameda 14 and Alameda 27 wallets.

The upstream wallets were initially funded by Alameda to cover transaction fees in each instance. However, the analysis found that Alameda 27 handled more than $13 billion in transfers, primarily in USDT, USDC, and Ether, between April 2021 and November 2022. Conversely, Alameda 14 has transferred over $11 billion since its creation in 2018

Previously, Coincu reported OTC crypto exchange Genesis Block HK has over $50 million stuck on FTX, the exposure was severe enough for the company to shut down its OTC business.

Financial Times reported Genesis Block and Alameda began trading the “Kimchi Premium” in 2017 and credited it with their early success. Additionally, Alameda shared office space and leadership responsibilities with Genesis Block as a shareholder.

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