FTX Former CEO Breaks Bail Terms, Withdraws Over $684,000

Source: Google

On December 29th, DeFi analyst BowTiedIguana revealed in a Twitter thread that FTX former CEO Bankman-Fried reportedly withdrew $684,000 from a cryptocurrency exchange in Seychelles.

Sam Bankman-Fried, the former CEO and co-founder of the collapsed crypto exchange FTX, was recently bailed on a $250 million bail bond while he was placed under house arrest. 

He is currently staying in San Francisco with his parents. After FTX’s demise, SBF had said that he only had $100,000 in his bank account.

The analyst stated that by withdrawing such a sizable amount, SBF has apparently broken his bail term of avoiding making purchases above $1,000 without the court’s approval.

However, this comes shortly after the Bahamas’ government made it public that on November 12th, local law enforcement officials seized cryptocurrency worth $3.5 billion from FTX.

After SBF reported about cyberattacks on FTX in mid-November, the authorities claimed that the measure was taken to prevent the danger of impending fund dissipation.

FTX Ex-CEO’s Funds Cash-Out Details

The analyst claimed that Chef Nomi, the exchange’s anonymous founder, transferred ownership to SBF’s Ethereum address when he agreed to take over management of the Sushiswap platform in August 2020.

After SBF was released, his wallet transferred all of its remaining cryptocurrency tokens to a new Ethereum address that had just been generated. Over 100 fresh deposits from different addresses, most connected to SBF’s Alameda Research, were sent to this wallet in 3 hours.

According to the thread:

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

A total of 570 ETH, worth around $684,000, were moved out of this new wallet in less than 4 hours. The Renprotocol, a bridge supported by Alameda, was used to transfer money to a Seychelles-based no-KYC exchange and the Bitcoin network.

However, the analyst said that all ETH was transmitted from SBF’s public wallet to a newly created one within hours. They were transferred out of 32 Alameda Research wallets and other undisclosed wallets totaling $367k in value.

An address mentioned in the thread received this $629,000. 11 wallets using the label Alameda Research also delivered $1 million to the address. To move funds to newly formed wallets and ultimately to a Seychelles-based exchange, five separate transactions totaling 51 ETH were employed.

The analyst also revealed that “3 tranches of 200k USDT were also sent from the SBF linked wallet to the FixedFloat exchange.”

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