Blockchain security firm PeckShield reported that three wallets converted 63,860 staked Ethereum (stETH) worth roughly $90 million to Ethereum (ETH) during the period of a monthly low between May 2022 and June 2022.

The three wallets withdrew the stETH from FTX, converted it to ETH, and then transferred the funds back to the exchange, leading to speculation that they might be connected to FTX founder Sam Bankman-Fried (SBF).

The transactions caused a significant stress in the market and reportedly led to the halt of withdrawals at crypto lender Celsius and crypto hedge fund Three Arrows Capital.

The motive behind the swaps is unknown, but a director at Coinbase tweeted that the stETH depeg led to a seven-figure slippage for crypto trading firm Alameda, which raises questions about why the firm would make such a move.