FTX founder Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency soon after being released on bail, on-chain data suggests.
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.
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.
According to BowTiedIguana’s analysis, 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.
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.
Related: SBF met with Biden’s senior advisers 2 months before FTX’s collapse: Report
0x7386d sent a total of 519.5 Ether (ETH), or around $629,000, to 0x64e9B, which also received 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 “onwards to a Seychelles-based exchange.”
Additionally, the SBF-linked wallet 0x64e9B sent three tranches of 200,000 Tether (USDT) to the FixedFloat exchange.
This article is developing and will be updated.