After bail, Sam Bankman-Fried cashes $684K

After bail, Sam Bankman-Fried cashes $684K

According to the findings of an on-chain investigation, SBF cashed out $684k from a Seychelles-based cryptocurrency exchange while under house arrest.

On-chain evidence suggests FTX co-founder Sam Bankman-Fried is quickly cashing out substantial amounts of cryptocurrency following his bail release. According to the on-chain investigation conducted by DeFi instructor BowTiedIguana, SBF cashed out $684,000 in cryptocurrency to an exchange in Seychelles while he was under house arrest. In addition,

the former FTX CEO may have violated release conditions not to spend more than $1,000 without court permission,

as suggested by a series of obfuscated wallet transactions reported by DeFi analyst BowTiedIguana on Twitter on December 29.

FTX co-founder Sam Bankman-Fried

According to BowTiedIguana's investigation, on December 28th, all Ether held at SBF's public address (0xD5758) was transferred to a brand new address (0x7386d). According to BowTiedIguana, in August 2020, SBF relocated to the space formerly occupied by Sushiswap creator Chef Nomi.

Within a few hours, 0x7386d had received $371,000 in cryptocurrency transfers, $322,000 of which came from 32 wallets associated with Alameda Research. The DeFi analyst claims that the money was transferred to a single Seychelles-based cryptocurrency exchange and the RenBridge cryptocurrency bridge. Alameda Research-affiliated addresses also contributed to the 519.5 Ether ($629,000) that 0x7386d sent to 0x64e9B. Five separate transactions totaling less than 51 ETH ($61,000) were also discovered by BowTiedIguana, with the funds being transferred from old wallets to brand-new ones before finally being sent “onwards to a Seychelles-based exchange.”

Additionally, 0x64e9B, a wallet associated with the SBF, transferred 200,000 Tether (USDT) to the FixedFloat trading platform in three separate transactions.

Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.



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