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Disgraced FTX Co-Founder Accused of Moving $684K in Crypto Assets While Under House Arrest – Bitcoin News

Disgraced FTX Co-Founder Accused of Moving $684K in Crypto Assets While Under House Arrest

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According to one analyst, on 12/29/2022 disgraced FTX founder Sam Bankman-Fried (SBF) may have cashed in $684,000 in crypto assets while under house arrest. If SBF used the funds, it is in violation of court release conditions, which state the former FTX executive cannot spend more than $1,000 without court approval.

Analyst found funds tied to SBF and Alameda wallets moved while FTX founder was under house arrest

On Thursday, an analyst named “Bowtiediguana” published A Twitter thread showing that Sam Bankman-Fried may have spent $684,000 while under house arrest. According to Bowtiediguana, in August 2020, SBF agreed to temporarily take over the decentralized exchange (dex) Sushiswap after unnamed founder Chef Nomi decided to leave. When the deal was made, SBF shared a public Ethereum address and Chef Nomi transferred ownership of Sushiswap to SBF’s address.

Disgraced FTX Founder Accused of Moving $684,000 in Crypto Assets While Under House Arrest

“After the release of SBF, his wallet sent all remaining crypto tokens to a new Ethereum address created an hour earlier,” Bowtiediguana tweeted. “More than 100 new deposits were made to this wallet in three hours from various addresses, most of which had links to SBF’s defunct hedge fund Alameda Research.” The analyst continued:

Under [four] hours, 570 [ethereum] worth about $684,000 was transferred from this new wallet to various destinations. The funds were sent to a non-KYC exchange and Bitcoin network based in Seychelles [Ren Protocol], a bridge funded by Alameda. Perhaps the SEC lawyers would like a note on this?

The address in question is this ethereum address “that received another $1 million from 11 wallets labeled Alameda Research,” Bowtiediguana said. “[Five] Separate transactions of 51 ETH were used to transfer funds to new wallets [and] then to Seychelles exchange. [Three] Batches of 200,000 USDT were also sent from the SBF linked wallet to the Fixedfloat exchange,” the analyst added.

The thread of the Bowtiediguana shows that the individual decided to send an email information to the US Securities and Exchange Commission (SEC) about the latest onchain transactions. Others tagged the US regulator in the Twitter thread and said: “@secgov you gave [SBF] 2 long leashes. please contact this criminal.” At this time it has not been confirmed who actually transferred the funds, but many are speculating that it was SBF.

Since SBF’s arrest and subsequent release, funds linked to FTX and Alameda have been in motion, and the transfers have been intercepted by onchain fraudsters. Funds tied to Alameda were transferred two days ago and were reportedly sent to Fixedfloat and Changenow and further converted to BTC. In another case, an Alameda-branded wallet sent 11.37 wrapped bitcoin (WBTC) to the wallet after it was removed from Ghost on December 29.

On the same day, another Alameda token wallet sent 22,500 USDC on December 29th. Both events occurred the day after a large number of Alameda-related ERC20 tokens were transferred on Wednesday, December 28.

Tags in this story

Alameda Funds, Analyst, Analyst Findings, August 2020, Bowtiediguana, Changenow Exchange, Chef Nomi, ERC20 Tokens, ETH, Ethereum, Fixedfloat Exchange, ftx, FTX Founder, FTX Crash, FTX Funds, Onchain, onchain , Renletouths, Renletouths Sam Bankman-Fried, sbf, SBF Alameda, SBF FTX, SEC, Securities and Exchange Commission, Sushiswap, USDT

What do you think about the onchain moves spotted by analyst Bowtiediguana? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director of Bitcoin.com News and a financial technology reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols appearing today.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons, Editorial Photo: Stephanie Keith/Getty Images

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