Samuel Bankman-Fried reportedly cashed $684,000 using Seychelles-based crypto exchange
- Samuel Bankman-Fried, former CEO of FTX exchange, reportedly cashed out cryptocurrencies worth $684,000 using a Seychelles-based exchange.
- DeFi analyst on crypto Twitter shared a series of wallet transactions that are allegedly linked to SBF.
- The wallet received transfers totaling $367,000 from 32 addresses identified as Alameda Research, with an additional $322,000 coming from other addresses.
Samuel Bankman-Fried, the former CEO and co-founder of bankrupt cryptocurrency exchange FTX allegedly cashed out $684,000 in crypto using a Seychelles-based platform. Within hours a wallet address 0x7386d received transfers from 32 addresses associated with Alameda Research and some unknown wallets.
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Samuel Bankman-Fried reportedly cashed out crypto holdings from Alameda Research
Samuel Bankman-Fried, former CEO of FTX exchange reportedly cashed his cryptocurrency holdings from a wallet address associated with him. On-chain analysts and experts have identified 32 wallet addresses that send funds from Alameda Research to SBF, to the tune of $367,000.
The wallet associated with SBF received an additional $322,000 from other crypto addresses. SBF is then said to have cashed out the crypto using a Seychelles-based platform and a DeFi bridge, RenBridge.
Analysts have labeled several addresses as Alameda Research. They spotted an outflow from funds from these wallets to the address being associated with SBF. Through five separate transactions of less than 51 ETH ($61,000), funds were moved to newly created wallets.
Did disgraced crypto founder Sam Bankman-Fried just cash out $684k to a crypto exchange in the Seychelles while under house arrest?
— BowTiedIguana (@BowTiedIguana) December 30, 2022
His release conditions are that he not spend more than $1,000 without permission from the court.
Let's examine the evidence on chain
The SBF linked wallet sent three tranches of 200,000 USDT to the FixedFloat exchange.
BowTiedIguana, the crypto analyst said,
As the Ethereum blockchain is an immutable public ledger, this on-chain evidence is permanently available to law enforcement and the courts.
The expert called attorneys from the United States financial regulator Securities and Exchange Commission to look into the on-chain transfers linked with SBF.
An industry observer argued that the movement may not qualify as spending money since these assets belong to SBF.
The transactions are dated a week after SBF was granted bail with a $250 million bond secured by his parents. SBF has claimed that he had a $100,000 in his bank account after FTX exchange went bankrupt.
Bahamian authorities recently seized $3.5 billion worth of cryptocurrencies from the exchange on November 12. The crypto was seized to avoid the risk of “dissipation” after SBF raised concerns of cyberattacks on the bankrupt exchange platform.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
