Sam Bankman-Fried (SBF), the disgraced founder and former CEO of bankrupt cryptocurrency trade FTX, has reportedly cashed out $684,000 value of crypto property regardless of court docket restrictions on spendings above $1,000.
On-chain DeFi analyst BowTiedIguana took to Twitter to unravel the situation the place SBF transferred the funds.
Following the Cash Path
After Bankman-Fried’s $250 million bail final week, the FTX boss despatched all of the ether (ETH) in his public pockets to a new wallet address – 0x7386df2Cf7e9776bCE0708072c27d6a7135D51CB.
Some hours later, $367,000 value of cryptocurrencies have been transferred from 32 addresses owned by SBF’s buying and selling agency Alameda Analysis to the identical pockets.
The handle acquired one other $322,000 from different wallets, bringing the whole property to roughly $689,000.
The pockets handle, 0x7386, then despatched $629,000 value of tokens from its total holding into one other wallet address – 0x64e9B9cD74A46f71e7631CB033afA6E7849a8683.
Eleven pockets addresses labeled as Alameda-owned accounts despatched a complete of $1 million into the identical pockets handle, 0x64e9. 5 transactions of lower than 51 ETH have been then performed, as they have been despatched to a freshly created pockets handle.
Funds Transferred to Seychelles Change
The funds have been then transferred to a Seychelles-based crypto trade that doesn’t conduct Know-Your-Buyer (KYC) exercise for customers.
Elements of the funds have been additionally moved by way of the Ren protocol and subsequently to the Bitcoin community. The Ren protocol is a gateway that permits anybody to ship BTC, ZEC, and BCH throughout blockchains. Alameda acquired the platform in February 2021.
Three units of 200,000 USDT have been additionally transferred to FixedFloat, a self-custodian crypto trade that facilitates transactions by way of its Lightning Community.
It’s nonetheless unclear if SBF was really behind the withdrawals, however it’s only a matter of time earlier than U.S. attorneys start to probe the transactions.
Bahamian Regulators Seize $3.5B From FTX
In the meantime, the Bahamas authorities have confiscated $3.5 billion value of property belonging to FTX Digital Markets, the Bahamian subdivision of the bankrupt crypto trade, to forestall the funds from vanishing.
In accordance with regulators, the funds can be returned to buyers on the court docket’s discretion.
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