5 months ago
Date: 22 Nov 2022 - 19:00
While the analytics firm Nansen published a report that points to the Terra collapse igniting the flames of FTXs and Alameda Researchs financial problems onchain data from the intelligence and research firm Glassnode suggests FTXs cracks had formed as far back as MayJune. Glassnodes report highlights a growing pool of onchain data that shows FTXs crypto reserves dropped significantly following Terras fallout.13Glassnode Report Highlights How FTXs Bitcoin Ethereum and Stablecoin Balances Dropped Significantly Following the Terra Ecosystem Implosion13Theres been a lot of eyes focused on the FTX Accounts Drainer address as the unknown entity has been offloading significant amounts of ether to this very day. Furthermore FTXs bitcoin BTC wallet held 20176.84 bitcoin on Nov. 5 2022 and the BTC thats currently worth 326.43 million vanished without a trace.13131313The blockchain intelligence and research firm Glassnodes weekly onchain newsletter explains that BTC reserves held by FTX declined significantly at the end of June. Glassnode also noted that monitoring FTXs bitcoin reserves was a complex process.1313Tracking the exchange reserves for FTX has been somewhat of a challenge for many data providers over the years with our own experience being that FTX utilized a relatively complex peeling chain system for their BTC reserves Glassnodes onchain newsletter details. In April to May this year the FTX reserves within our cluster had reached a peak of over 102k BTC. This dramatically declined by 51.3 in lateJune. Glassnodes research report adds13Reserves have since persistently declined until reaching effectively zero during this weeks bank run. As claims of Alameda misappropriating customer deposits come to light this indicates that the AlamedaFTX entity may have in fact experienced severe balance sheet impairment in MayJune following the collapse of LUNA 3AC and other lenders.1313Glassnode x2018A Growing Pool of Onchain Data to Suggest Cracks Had Formed as Far Back as MayJune13FTXs bitcoin reserve cache was not the only stash that saw significant declines since Terras collapse according to Glassnodes report. The researchers detail that in June FTXs ethereum ETH reserves slipped by 55.2 as 576000 ether left the exchange. When FTXs financial cracks really started to appear after Binances CEO Changpeng Zhao CZ revealed Binance was dumping all of its FTT tokens Glassnode said FTXs ETH balance dropped from 611000 ETH to 2800 ETH losing 99.5 of its ether reserves.1313Similar to the bitcoin balance this leaves close to no ethereum in FTXowned wallets with the bank run effectively clearing what was left from the balance sheet Glassnode detailed.13131313Stablecoin reserves Glassnode said started to decline significantly from Oct. 19 2022 dropping from 725M to effectively zero over the following month. FTXs stablecoin balances reached new highs in June when the crypto economy was in decline the onchain research report notes.13131313Glassnodes newsletter says theres still a lot of obfuscation surrounding the fall of FTX and Alameda but the onchain data similar to Nansens findings suggests issues started to arise after Terras ecosystem imploded. Glassnode researchers conclude13Whilst there remains significant uncertainty regarding what really happened between FTX and Alameda there remains a growing pool of onchain data to suggest cracks had formed as far back as MayJune. This would leave recent months as being simply a precursor to what was more than likely an inevitable collapse of the exchange.13You can read Glassnodes weekly onchain newsletter covering the FTX collapse in its entirety here.1313What do you think about Glassnodes onchain analysis of all the bitcoin ethereum and stablecoins that left the FTX platform following Terras collapse Let us know what you think about this subject in the comments section below.
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