Alameda Research has consolidated $93,353,985 worth of alternative cryptocurrencies based on Ethereum into a single wallet

The company has steadily accumulated Ethereum-based altcoins worth $93,353,985 into a single address in recent days, according to the on-chain analytics firm Nansen.

Tether (USDT), a stablecoin pegged to the US dollar, makes up 43% of the portfolio and serves as the currency for most alternative coins.

BitDAO has the second-largest allocation of altcoins (BIT). A 29% portion of the wallet goes to the decentralized autonomous organization (DAO), which Bybit, Pantera, and philanthropist Peter Thiel support.

The wallet also contains several other assets in smaller quantities, including Ethereum (ETH), which makes up 3% of the wallet.

According to analysts at Nansen, the coins are likely being consolidated as bankruptcy proceedings for Bankman-shuttered Fried's crypto empire FTX get underway.

Ten days ago, Bankman-Fried, charged with misusing and spending client funds, filed for bankruptcy at FTX, FTX.US, Alameda Research, and other FTX affiliates.

As the new CEO of the company, John J. Ray III, who oversaw Enron's scandalous bankruptcy, is now in charge of FTX's fallout.

Ray claimed in his initial report on the company's business affairs that he had never seen a corporate enterprise as poorly run as FTX. “I have never seen a complete failure of corporate controls and a complete lack of reliable financial information as occurred here...”

The amount of customer money lost by FTX, Alameda Research, and its affiliates varies greatly, and it is estimated that at least $1 billion in investor funds disappeared.