Wallet linked to creator of Shiba Inu sparks stock market collapse rumors

A cryptocurrency wallet linked to OpenSea and linked to the mysterious creator of the Shiba Inu was given an unusual name in 2020: “Alameda”. With the discovery, the community began to investigate possible links between the meme coin and the late FTX exchange.

That’s because FTX went bankrupt precisely because of its connection to its sister company Alameda Investigation. The company took money from the brokerage and positioned itself in the risk market, losing millions of client funds.

The new findings were eventually released by a Coinbase executive, Conor Grogan, who has conducted analysis on the cryptocurrency market.

Creator of the Shiba Inu has an OpenSea portfolio called “Alameda”

During his research, Conor discovered that the Alameda wallet is directly linked to the creator of the Shiba Inu, the anonymous ryoshi.

“A wallet connected directly to the founder of Shiba Inu (through brokerage deposit) has an…interesting Opensea account name.”

In the research published last Monday (6), Conor discovered the wallet after deposits at Bitkub. This allowed the researcher to link the Alameda wallet to the creator of SHIB, a memecoin that competes with Dogecoin.

While it sounds odd to see a wallet named Alameda, the community started thinking about possible connections to FTX. That’s because one of the NFTs in the Opensea account shows a legendary collectible from Sam Bankman-Fried (SBF), the brokerage creator who went bankrupt.

Alameda wallet lied NFT from SBF
Wallet Alameda has mined NFT from SBF. Credit: Social Networks.

Story becomes more interesting

The doxing process (harassment/prosecution) of the creator of Shiba Inu didn’t stop there, as Coinbase’s CEO recalled a curious case in 2021.

This is because Conor claimed that at the peak of Shiba Inu prices in 2021, the largest farmer in the coin withdrew all of his holdings and sent them to different brokers. With the action, SHIB’s price began to fall and never recovered.

The Coinbase executive also alleges that while deposits flowed from Shiba Inu to exchanges, FTX increased SHIB’s perpetual contract limits.

“On October 27, 2021, the largest Shiba Inu farmer withdrew $107 million from SHIB and sent it all to FTX, Huobi, Binance and OKX. This marked the absolute top; SHIB immediately began to fall, never to recover. Coincidentally, an exchange had just expanded SHIB’s culprits.

Of course, a simple analysis does not prove a direct connection between the Shiba Inu and the FTX brokerage and its Alameda company. Anyway, the memecoin community started looking into the matter to understand the situation.

The creator of Shiba Inu is no longer on social networks and has not commented on the analysis of his possible portfolio.

Shiba Inu is considered the 15th largest cryptocurrency by market capitalization and is priced at $0.000011, down 87% since its all-time high in October 2021.

Source: Live Coins