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FTX founder Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency soon after being released on bail, on-chain data suggests.<\/p>\n
SBF has cashed out $684,000 in crypto to an exchange in Seychelles while being under house arrest, according to the on-chain investigation by DeFi educator BowTiedIguana.<\/p>\n
Decentralized finance (DeFi) analyst BowTiedIguana took to Twitter on Dec. 29 to report<\/a> on a series of obfuscated wallet transactions allegedly linked to SBF, suggesting that the former FTX CEO could have violated release conditions to not spend more than $1,000<\/a> without permission from the court.<\/p>\n According to BowTiedIguana\u2019s analysis, SBF\u2019s public address (0xD5758) on Dec. 28 sent<\/a> all remaining Ether (ETH<\/a>) to a newly created address (0x7386d).\u00a0BowTiedIguana noted that SBF took over the address that was originally owned by Sushiswap creator from Chef Nomi in August 2020.<\/p>\n 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<\/a> pic.twitter.com\/vask9WqSHd<\/a><\/p>\n \u2014 BowTiedIguana (@BowTiedIguana) December 30, 2022<\/a><\/p><\/blockquote>\n Within hours, 0x7386d\u00a0received<\/a> 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.<\/p>\n 0x7386d\u00a0sent<\/a> a total of 519.5 Ether (ETH<\/a>), or around $629,000, to 0x64e9B, which also received<\/a> funds from addresses labeled as Alameda Research. BowTiedIguana also identified five separate transactions of less than 51 ETH ($61,000) that were used to move funds to newly created wallets and then \u201conwards to a Seychelles-based exchange.\u201d<\/p>\n Additionally, the SBF-linked wallet 0x64e9B sent<\/a> three tranches of 200,000 Tether (USDT<\/a>) to the FixedFloat exchange.<\/p>\n \u201cAs the Ethereum blockchain is an immutable public ledger, this on-chain evidence is permanently available to law enforcement and the courts,\u201d BowTiedIguana stated, calling attorneys from the United States Securities and Exchange Commission to look at the issue.<\/p>\n Confirmed to be related to SBF or not, the transactions do not necessarily mean that FTX founder has violated bail release conditions, according to some industry enthusiasts.<\/p>\n \u201cI don’t know that this necessarily qualifies as \u2018spending\u2019 money. They’re his assets already,\u201d one industry observer suggested<\/a>.<\/p>\n Related: SBF met with Biden\u2019s senior advisers 2 months before FTX\u2019s collapse: Report<\/a><\/em><\/strong><\/p>\n A number of online commenters also speculated<\/a> that SBF himself was Chef Nomi, the anonymous co-founder of Sushiswap. Coinbase head of strategy Conor Grogan\u00a0stressed<\/a>\u00a0that many of the recent SBF-linked transactions were heavily related to early Sushiswap activity.\u00a0\u201cThese wallets \u2014 assuming they all belong to him \u2014 were heavily involved with LPing Sushi early on, well before Chef Nomi handed off the project to SBF,\u201d\u00a0Grogan stated.<\/p>\n SBF himself claimed in September 2020 that he didn\u2019t have anything to do with building Sushiswap.<\/p>\n 6) I didn\u2019t build sushi. I was called in and I\u2019m trying my best to do what\u2019s right for it.<\/p>\n But a lot of people seem to have gotten sidetracked fighting against those trying to fix it.<\/p>\n And I\u2019m not the only one who feels that way.<\/p>\n \u2014 SBF (@SBF_FTX) September 15, 2020<\/a><\/p><\/blockquote>\n The alleged SBF-linked transactions occurred about a week after SBF was granted bail with a $250 million bond<\/a> secured by SBF\u2019s parents paid with the equity in their house. SBF previously claimed that he only had $100,000<\/a> in his bank account after the collapse of FTX.<\/p>\n The news comes soon after the government of Bahamas officially announced<\/a> that local authorities seized $3.5 billion worth of crypto from FTX on Nov. 12. The authorities claimed that the action was taken in order to avoid a risk of \u201cimminent dissipation\u201d of funds after SBF warned about cyberattacks on FTX in mid-November.<\/p>\n<\/div>\n\n
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