$684K Cashed out by the FTX Founder After Posting Bail

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Key takeaways:

  • According to reports, SBF received $684,000 from a crypto exchange.
  • According to BowTiedIguana, SBF’s public address sent the remaining Ether to a freshly created address.

According to on-chain statistics, Sam Bankman-Fried, the founder of FTX, is withdrawing significant sums of cryptocurrency immediately after being freed on bond.

SBF handed out $684,000 in cryptocurrencies to exchange in Seychelles while he was under house arrest, according to the on-chain study performed by DeFi instructor BowTiedIguana.

The former FTX CEO may have violated release conditions that forbade him from spending more than $1,000 without a court order on December 29, when Decentralized Finance (DeFi) expert BowTiedIguana revealed a series of supposedly related wallet transactions on Twitter.

According to BowTiedIguana’s research, on December 28, SBF’s public address (0xD5758) sent all of the leftover Ether to a newly generated address (0x7386d).

BowTiedIguana claims that SBF acquired the location that had previously belonged to Chef Nomi, the creator of Sushiswap, in August 2020.

Within hours, 0x7386d received transactions worth $367,000 from 32 addresses identified as belonging to wallets used by Alameda Research, and $322,000 more was transmitted from different wallets.

The DeFi researcher claims the funds were sent to RenBridge and a regulated cryptocurrency exchange in Seychelles.

From 0x7386d to 0x64e9B, a total of 519.5 Ether, or roughly $629,000, was transferred. Both addresses also received funds from accounts associated with Alameda Research.

Five transactions worth less than 51 ETH ($61,000) totaled by BowTiedIguana were made to move money to newly created wallets and “onward to a Seychelles-based exchange.”

Additionally, three tranches totaling 200,000 Tether (USDT) were sent from the SBF-linked wallet 0x64e9B to the FixedFloat exchange. Added BowTiedIguana:

“As the Ethereum blockchain is an immutable public ledger, this on-chain evidence is permanently available to law enforcement and the courts.” 

Others who commented online speculated that SBF was the unidentified co-founder of Sushiswap, Chef Nomi. SBF, however, claimed in September 2020 that he was not involved in the building of Sushiswap.

Around a week after SBF was released on bail following a $250 million bond sponsored by his parents and paid for with the value of their home, the purportedly SBF-related transactions took place. Previously, SBF had claimed that he only had $100,000 in his bank account due to the failure of FTX.

The details were made public soon after the Bahamas’ government announced that on December 29, local law enforcement officials seized bitcoin from FTX valued at $3.5 billion.

According to the authorities, the action was taken in reaction to SBF’s mid-November warning about cyberattacks on FTX to avoid the risk of “imminent dissipation” of funds.

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