FTX Founder Sam Bankman-Fried Cashes Out $684k After Being Released On Bail

FTX founder Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency soon after being released on bail, according to on-chain data.

iexclusivenews reports that according to the on-chain investigation by DeFi educator BowTiedIguana. SBF has cashed out $684,000 in crypto to an exchange in Seychelles while being under house arrest.

BowTiedIguana, a DeFi analyst, took to Twitter on December 29 to report on a series of obfuscated wallet transactions allegedly linked to SBF.

Implying that the former FTX CEO may have violated release conditions by spending more than $1,000 without court permission.

According to BowTiedIguana’s analysis, on December 28, SBF’s public address (0xD5758) sent all remaining Ether. ETH $1,189 to a newly created address (0x7386d).

What People is Saying 

BowTiedIguana noted that SBF took over the address that was originally owned by Sushiswap creator from Chef Nomi in August 2020.

When SBF agreed to take over control of the Sushiswap exchange from anonymous founder Chef Nomi in August 2020, he asked for ownership to be transferred to his Ethereum addresshttps://t.co/nE9z9tLd2n pic.twitter.com/vask9WqSHd

— BowTiedIguana (@BowTiedIguana) December 30, 2022

Within hours, 0x7386d received transfers totaling $367,000 from 32 addresses identified as Alameda Research wallets, with an additional $322,000 coming from other wallets.

All funds were sent to a centralized crypto exchange in Seychelles and to the crypto bridge RenBridge, according to the DeFi analyst.

0x7386d sent a total of 519.5 Ether ETH $1,189, or approximately $629,000, to 0x64e9B, which also received funds from Alameda Research addresses.

BowTiedIguana also discovered five separate transactions totaling less than 51 ETH ($61,000).

In which funds were transferred to newly created wallets and then “onwards to a Seychelles-based exchange.”

Furthermore, the SBF-linked wallet 0x64e9B transferred 200,000 Tether (USDT) in three tranches to the FixedFloat exchange.

“Because the Ethereum blockchain is an immutable public ledger, this on-chain evidence is permanently available to law enforcement and courts,”

BowTiedIguana stated, requesting that the US Securities and Exchange Commission investigate the matter.

The transactions, whether confirmed to be related to SBF or not, do not necessarily imply that FTX founder has violated bail release conditions, according to some industry enthusiasts..

“I’m not sure if this is necessarily’spending’ money. “They’re already his assets,” one industry observer speculated.

What You Should Know 

A number of online commenters speculated that SBF was Chef Nomi, the Sushiswap’s anonymous co-founder.

Conor Grogan, Coinbase’s head of strategy, emphasized that many of the recent SBF-related transactions were heavily influenced by early Sushiswap activity.

“These wallets — assuming they’re all his — were heavily involved with LPing Sushi early on, well before Chef Nomi handed off the project to SBF,” Grogan explained.

SBF stated in September 2020 that he had nothing to do with the construction of Sushiswap.

The alleged SBF-related transactions took place about a week after SBF was granted bail on a $250 million bond secured by SBF’s parents and paid for with the equity in their home.

6) I didn’t build sushi. I was called in and I’m trying my best to do what’s right for it.

But a lot of people seem to have gotten sidetracked fighting against those trying to fix it.

And I’m not the only one who feels that way.

— SBF (@SBF_FTX) September 15, 2020

SBF previously stated that after the collapse of FTX, he only had $100,000 in his bank account.

The announcement comes shortly after the Bahamas government announced that on November 12, local authorities seized $3.5 billion in cryptocurrency from FTX.

However, iexclusivenews Nigeria reports that after SBF warned about cyberattacks on FTX in mid-November. The authorities claimed that the action was taken to avoid the risk of “imminent dissipation” of funds.