A new report analyzing fund flows from FTX US has found that Alameda Research withdrew the most funds from the exchange in the days leading up to its collapse.

According to analysis from Arkham Intelligence over the weekend, Alameda withdrew $204 million from FTX US to eight different wallets after Nov. 6.

Source: Arkham Intelligence

Arkham found that nearly 70% of these funds, worth around $142.4 million, were sent to wallets owned by FTX International. According to them, this could potentially serve as evidence that Alameda was operating a bridge between the two entities.

Rumors of FTX’s insolvency first began circulating after a CoinDesk article on Nov. 3 outlined how Alameda’s balance sheet was heavily reliant on FTX’s native exchange token FTT.

At the time, former FTX CEO Sam Bankman-Fried attempted to dispel rumors of FTX’s insolvency in relation to its ties to its sister-company Alameda. “FTX is fine. Assets are fine,” said Bankman-Fried in a now-deleted tweet.

After Nov. 6, Arkham found that Alameda withdrew only U.S. dollar-pegged stablecoins and wrapped versions of Bitcoin and Ethereum from FTX US. Alameda withdrew $38 million worth of BTC, $49 million worth of ETH and $116 million worth of stablecoins.

“The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain,” stated Arkham.

Meanwhile, the firm sent $35.5 million ETH to FTX and $13.8 million ETH to a large active trading wallet. This wallet is still making transfers today.

“It’s unknown whether the almost 14M in ETH was sent to 0xa20 as part of an trade, or as an internal fund transfer within Alameda,” said Arkham.