featured image

FTX founder Sam Bankman-Fried reportedly cashed in large amounts of cryptocurrency shortly after being released on bail, according to channel data.

SBF cashed in $684,000 in crypto from an exchange in Seychelles while under house arrest, according to the on-chain investigation by DeFi educator BowTiedIguana.

Decentralized finance (DeFi) analyst BowTiedIguana took to Twitter on December 21st. 29 to report on a series of obscured wallet transactions allegedly linked to SBF, suggesting that the former CEO of FTX may have violated the release conditions for don’t spend more than $1,000 without court permission.

According to BowTiedIguana’s analysis, SBF’s public address (0xD5758) on December 21. 28 sent all remaining ether (ETH) to a newly created address (0x7386d). BowTiedIguana noted that SBF took over the address that originally belonged to Chef Nomi’s Sushiswap creator in August 2020.

Within hours, 0x7386d has 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 the RenBridge crypto bridge, according to the DeFi analyst.

0x7386d sent a total of 519.5 ether (ETH), or about $629,000, at 0x64e9B, which also has has received funds from addresses labeled as Alameda Research. BowTiedIguana also identified five separate transactions under 51 ETH ($61,000) that were used to transfer funds to newly created wallets and then “to a Seychelles-based exchange.”

Additionally, the wallet linked to SBF 0x64e9B sent three tranches of 200,000 Tether (USDT) to the FixedFloat exchange.

“Because the Ethereum blockchain is an immutable public ledger, this on-chain evidence is permanently available to law enforcement and the courts,” said BowTiedIguana, calling on attorneys from the U.S. Securities and Exchange Commission to consider the matter.

Whether confirmed to be related to SBF or not, the transactions do not necessarily mean that the FTX founder violated bail conditions, according to some industry enthusiasts.

I don’t know if that necessarily qualifies as “to spend” money. Those are its strengths already,” said an industry watcher. suggested.

Related: SBF met with senior Biden advisers 2 months before FTX collapse: Report

A number of online commentators have also speculated that SBF himself was Chef Nomi, the anonymous co-founder of Sushiswap. Conor Grogan, Chief Strategy Officer at Coinbase stress that many of the recent SBF-related transactions were strongly tied to early sushiswap activities. “These wallets – assuming they all belong to him – were heavily involved in LPing Sushi from the start, long before Chef Nomi handed the project over to SBF,” Grogan said.

SBF itself claimed in September 2020 that it had nothing to do with building Sushiswap.

The alleged transactions related to SBF took place approximately one week after SBF was released on bail with $250 million bail guaranteed by SBF parents paid with the equity in their home. SBF has previously claimed that he only had $100,000 into his bank account after the collapse of FTX.

The news comes shortly after the Bahamas government officially announcement that local authorities seized $3.5 billion worth of crypto from FTX on November 2. 12. Authorities claimed the action was taken to avoid a risk of “imminent dissipation” of funds after SBF warned of cyberattacks on FTX in mid-November.