Alameda tried to redeem 3,000 wBTC days before bankruptcy: BitGo CEO

“[The security details] didn't match the process. So we held it up and we said no, no, no, no. This is not what the burn looks like. And we need to know who this person was.”

“So we held it and while we were holding it, waiting for a response on those issues [Alameda] went bankrupt and of course, once they went bankrupt, everything halted,” Belshe added.remains “stuck” on the platform’s dashboard and added that the firm would most likely leave the tokens where they are until they’re dealt with by the trustees taking on Alameda's bankruptcy case.

Alameda’s failed mint transaction request of 3,000 wBTC in exchange for 3000 BTC. Source: wBTC Network Dashboard.to unwrap the 3,000 wBTC was also confirmed on the Ethereum transaction aggregator Etherscan. However, while this would have ordinarily triggered the redemption of BTC, Bitgo has a security mechanism set in place before the conversion takes place, which is what Alameda failed.

It is not understood what the motive was for attempting to redeem the $50 million worth of wBTC, but it is understood that FTX executives were attempting to raise funds from a variety of sources to stave off bankruptcy up until the last minute.five days before the firm eventually filed for Chapter 11.

insistono pure, tacci loro

Is the fund safe🤐🤐

The representative was denied the redemption request because they did not pass Bitgo’s security verification process.

yeah shes in newyork at starbucks buying a latte

steady lads

BitGo's CEO Mike Belshe confirmed the firm knocked back the redemption request because the unknown Alameda representative involved didn’t pass Bitgo’s security verification process and seemed unfamiliar with how the wrapped Bitcoin burning process worked.

Did he try or did he get it?

So many people bankruptcy after FTX collapse.

If you are one of the people that invested in FTX because of O'Leary's or Brady's promotions join the civil suit against them. They gave unregistered financial advice.

smart

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