FTX co-founder and former CEO Sam Bankman-Fried was arrested in the Bahamas on December 21. He was eventually released on $250 million bond.
After handing over the security deposit, SBF has been enjoying a comfortable and affluent lifestyle with her parents. While it was at odds with his former lifestyle, the crypto community on Twitter questioned the luxury he offered, especially after seeing one of the largest cryptocurrency crashes in history.
SBF reportedly cashes out $684,000 after bail
Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency after being released on bail. According to on-chain queries by DeFi instructor BowTiedIguana, SBF cashed out $684,000 in cryptocurrency in Seychelles for exchange while under house arrest.
On Dec. 29, BowTiedIguana took to Twitter to report a series of purported SBF-related wallet transactions, suggesting that the former FTX CEO may have violated a posting condition that prohibited him from spending more than $1,000 without a court order.
According to BowTiedIguana’s research, SBF’s public address (0xD5758) transfers all remaining ether to a newly established address (0x7386d). It is also alleged that SBF took over the premises previously occupied by Sushiswap inventor Chef Nomi in August 2020.
After Bankman-Fried was released on $250 million bail last week, the FTX boss sent all the ether (ETH) in his public wallet to a new wallet address — 0x7386df2Cf7e9776bCE0708072c27d6a7135D51CB.
A few hours later, $367,000 worth of cryptocurrency was transferred to the same wallet from 32 addresses owned by SBF’s trading firm, Alameda Research. The address received another $322,000 from other wallets, bringing the total assets to about $689,000.
Wallet address 0x7386 then sent its entire holding of $629,000 worth of tokens to another wallet address – 0x64e9B9cD74A46f71e7631CB033afA6E7849a8683. Eleven wallet addresses labeled as accounts owned by Alameda sent a total of $1 million to the same wallet address 0x64e9. Five transactions of less than 51 ETH were then made as they were sent to a newly created wallet address.
I hope now you know about FTX Sam Bankman-Fried(SBF) Cashes Out $684k Worth of Crypto. Meanwhile, Bahamian authorities seized $3.5 billion worth of assets belonging to FTX Digital Markets, the Bahamian arm of the bankrupt cryptocurrency exchange, to prevent the funds from disappearing. The funds will be returned to investors at the discretion of the court, according to the regulator.
