by • Sam Bankman-Fried, the founder of FTX, has reportedly cashed out $684,000 from a crypto exchange in Seychelles while being under house arrest.
• According to an on-chain investigation, SBF’s public address sent all remaining Ether (ETH) to a newly created address.
• Within hours, the address 0x7386d received transfers totaling $367,000 from 32 addresses identified as Alameda Research wallets, with an additional $322,000 coming from other wallets.
Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has allegedly cashed out $684,000 from a crypto exchange in Seychelles while being under house arrest, according to an on-chain investigation. Decentralized finance (DeFi) analyst BowTiedIguana took to Twitter on Dec. 29 to report 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 without permission from the court.
The on-chain investigation revealed that SBF’s public address (0xD5758) on Dec. 28 sent all remaining Ether (ETH) to a newly created address (0x7386d). BowTiedIguana noted that SBF took over the address that was originally owned by Sushiswap creator from Chef Nomi in August 2020.
The address 0x7386d then 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 Nuo.io. Moreover, BowTiedIguana pointed out that the address 0x7386d was created on Dec. 28, which was a day after SBF was released on bail.
These findings have raised questions as to whether SBF violated the terms of his release, which stipulated that he was not allowed to spend more than $1,000 without permission from the court. However, it is unclear whether this was the case as SBF could have transferred the funds to the exchange prior to his arrest.
Nevertheless, the news has caused concern among some in the crypto community, with some users calling for further investigation into the matter. BowTiedIguana, who led the on-chain investigation, stated that the findings should be taken with a grain of salt as they could be circumstantial evidence.
At the time of writing, SBF has yet to comment on the matter.
