According to reports, Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX has been withdrawing significant amounts of cryptocurrency while under house arrest.
DeFi educator, BowTiedIguana’s analysis of on-chain data shows that former FTX CEO Sam Bankman-Fried (SBF) has cashed out approximately $684,000 in cryptocurrency on exchanges in Seychelles.
On December 29, Defi analyst BowTiedIguana tweeted that SBF may have violated the terms of his release by making a series of obfuscated wallet transactions. These transactions were linked to SBF and suggested that he may have spent more than the court-mandated $1,000 limit without obtaining prior permission.
Did disgraced crypto founder Sam Bankman-Fried just cash out $684k to a crypto exchange in the Seychelles while under house arrest?
His release conditions are that he not spend more than $1,000 without permission from the court.
Let’s examine the evidence on chain 👇
— BowTiedIguana (@BowTiedIguana) December 30, 2022
According to the analysis, SBF’s public address (0xD5758) transferred all remaining Ether to a newly created address (0x7386d) on December 28. BowTiedIguana noted that SBF took control of this address in August 2020, which was originally owned by Sushiswap creator Chef Nomi.
BowTiedIguana also stated that the newly created cryptocurrency address (0x7386d) that received funds from SBF’s public address (0xD5758) saw an influx of activity within a short period.
A total of $367,000 was transferred to the address from 32 Alameda Research wallets, with an additional $322,000 coming from other wallets. These funds were reportedly sent to a centralized cryptocurrency exchange in Seychelles and the RenBridge crypto bridge.
The Ethereum address 0x7386d sent a total of 519.5 Ether, equivalent to approximately $629,000, to the address 0x64e9B. In addition, BowTiedIguana discovered five transactions involving amounts less than 51 Ether (around $61,000) that were used to transfer funds to newly created wallets, which were then sent to a cryptocurrency exchange in Seychelles.
These findings suggest that some financial activity or movement of funds occurs between these addresses and exchanges. It is unclear what the nature of this activity or its motivations may be.
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