NEW YORK, NEW YORK - DECEMBER 22: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on December 22, 2022 in New York City. Bankman-Fried, who was indicted on December 9th and arrested 3 days later by Bahamas law enforcement at the request of U.S. prosecutors, consented to extradition to the U.S. where he is facing eight criminal counts of fraud, conspiracy and money-laundering offenses which includes making illegal political contributions. He is potentially facing life in prison if convicted. He was released on $250 million bond with the bail package requiring him to stay with his parents in California. (Photo by Michael M. Santiago/Getty Images)

FTX founder Sam Bankman-Fried allegedly cashes out US$684,000, on-chain data show

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On-chain data showed that Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, sent around 570 Ether worth US$684,000 to a Seychelles-based exchange and Ren Protocol’s Bitcoin bridge on Wednesday, suggesting that he attempted to cash out the funds.

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Fast facts

  • All the Ether tokens from Bankman-Fried’s public address were sent to an address created just a few hours before the first transaction.
  • The newly-created wallet received over 100 additional deposits from different addresses, including transfers totaling US$367,000 from 32 addresses linked to Alameda Research.
  • Pseudonymous DeFi analyst BowTiedIguana tweeted that in less than four hours, 570 ETH was sent to various destinations, including “a no KYC exchange based in the Seychelles” and to the Bitcoin network via Ren Protocol.
  • The analyst noted that “3 tranches of 200k USDT were also sent from the SBF-linked wallet to the FixedFloat exchange,” urging authorities to look into the deposits.
  • Bankman-Fried has been on house arrest at his parents’ California residence since Dec. 22, after making a US$250 million bail. BowTiedIguana also noted that spending over US$1,000 may violate Bankman-Fried’s release conditions.
  • Bankman-Fried’s parents are reportedly spending US$10,000 a week on armed security, anonymous sources told NYP. 

See related article: Second set of transactions from Alameda wallets likely liquidators: Nansen

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