BitGo, the custodian behind Wrapped Bitcoin (WBTC), has denied a withdrawal request from Alameda Research after the latter attempted to withdraw more than $50 million in the token.
Wrapped Bitcoin is a token pegged to the price of Bitcoin and operates on the Ethereum network, allowing holders to interact with various decentralized finance (DeFi) apps.
Alameda Research is the sister trading firm of the now-bankrupt FTX exchange, both founded by Sam Bankman-Fried.
BitGo CEO Mike Belshe said during a Twitter Spaces that the security details used in Alameda’s withdrawal request did not match the process. Data from Etherscan shows that two attempted withdrawals were made on November 9 by addresses labeled “Alameda Research.”
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